Organigram Holdings Inc. (OGI), Canadian cannabis company, on Wednesday reported a narrower net loss for the fourth quarter, helped by increased revenue and a decline in costs.
For the three-month period to September 30, the firm recorded a net loss of C$5.433 million, compared with a loss of C$26.595 million, registered for the same period last year, reflecting higher adjusted gross margins and lower impairment losses.
Adjusted EBITDA surged to C$5.860 million from prior year's C$58, 000.
Selling, general and administrative expenses declined to C$14.300 million from C$15.787 million in 2023.
Cost of sales was down at C$30.907 million, compared with C$34.321 million a year ago, due to operational efficiencies and lower inventory provisions.
Revenue was C$44.7 million, up from C$36.7 million, primarily due to higher recreational cannabis sales and improved international sales.
Analysts on average had expected the firm to post revenue of C$43.84 million, for the quarter.
Further, Organigram has noted that the change in year-end had resulted in the company having four months and 13 months in the fourth quarter and full year results in fiscal 2023, respectively.
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