Organigram Holdings Inc. (NASDAQ: OGI) (TSX:OGI), released its results for the first quarter ended November 30, 2022., revealing net revenue of CA$43.3 million, ($32.3 million) a 43% increase compared to CA$30.4 million in the Q1 fiscal 2022.
Q1 2023 Financial Highlights
Gross margin was CA$23.9 million compared to CA$610,000 in Q1 fiscal 2022.
Adjusted gross margin was CA$12.8 million, or 30% of net revenue, compared to CA$5.5 million, or 18%, in Q1 fiscal 2022.
Adjusted EBITDA was CA$5.6 million compared to negative CA$1.9 million in Q1 fiscal 2022.
Net income was CA$5.3 million, compared to a net loss of CA$1.3 million in Q1 fiscal 2022.
“Our first quarter of fiscal 2023 demonstrates the success of our expansion at Moncton and continuing productivity improvements in fiscal 2022,” stated Beena Goldenberg, CEO. “In the …