Canadian cannabis company Organigram Holdings Inc. (NASDAQ: OGI) released its financial results Thursday for the first quarter that 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.
This was the company’s fourth consecutive quarter of positive adjusted EBITDA reaching CA$5.6 million, compared to negative CA$1.9 million in Q1 fiscal 2022. In this period, Organigram achieved a record adjusted gross margin of CA$12.8 million, or 30% of net revenue, compared to CA$5.5 million, or 18%, 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.
Cantor Fitzgerald’s Pablo Zuanic kept an ‘Overweight’ rating on Organigram …