Q3 2021 - SummaryRevenue of $22.66 Million, Missing The $34.5 Million Forecast
Reported Q3 2021 total revenue of $22.66 million, missing an average Capital IQ forecast of $34.5 million. The company had reported revenue of $22.13 million for the year ago period. Hexo had reported revenue of $32.8 million for Q2 2021. The QoQ decline was mainly due to a decrease in adult-use non beverage sales of $5.2 million in Quebec related to strain cultivation decisions made by the company and production issues relating to hash. Hexo's sales in Alberta fell $2.7 million during the period in part due to a 32% decrease in the provincial UP brand sales because of temporary stock limitations.
Hexo reported adjusted EBITDA of a $(10.78) million, down from $0.2 million in Q2 2021 and versus $(4.09) million for the prior year period.
Total net loss was $20.7 million, compared with a net loss of $18.8 million for Q3 2020.