TSX:HEXO.W.A - Post by User
Post by
quinlashon May 27, 2021 9:17am
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HEXO 2021 Q2 Earnings Recap
HEXO 2021 Q2 Earnings RecapHEXO will be reporting 2021 Q3 numbers somewhere in the first half of June (date yet to be confirmed). Just posting as a recap of last QTR results. Further details can be found on the HEXO homepage or through www.sedar.com
Key Financial & Operating Highlights
- Achieved positive adjusted EBITDA, along with the seventh consecutive quarter of adjusted EBITDA improvement.
- Total net revenue increased to $32.8M, up 94% from the prior year quarter (“2Q20”) and 12% from the first quarter of fiscal 2021 ended October 31, 2021 (“1Q21”).
- Non-beverage Canadian adult-use revenue increased by 72% from 2Q20
- Adult-use net revenue increased by 10.5% in 2Q21, marking the fifth consecutive quarter of growth.
- Maintained number one position for market share in Quebec while increasing adult-use net revenues in the rest of Canada to 49% of the Company’s sales composition, up from 44% in 1Q21.
- Gross revenues for the UP Cannabis brand increased to $3.2M, representing 8% of total adult-use, non-beverage gross revenue in 2Q21 vs under 1% in 1Q21 due to the successful relaunch of the UP brand in late 1Q21.
- Brand mix, including the UP Cannabis brand, boosted non-beverage adult-use gross margin to 37%, up from 36% in 1Q21.
- Maintained the number one position in the beverage category with net revenue increasing 11% over 1Q21.
- Operational cash use of ($2.9M) for the quarter, and ($8.1M) over the past three quarters combined, not including non-cash working capital items.
- Due to HEXO’s ongoing success, the Company has never qualified for the Government of Canada’s COVID-19 related emergency response programs, such as the Canada Emergency Wage Subsidy (CEWS). Conversely, several of the Company’s competitors have received tens of millions of dollars, all of which has been included in their operational cash flows
Link to Full Summary https://www.globenewswire.com/news-release/2021/03/18/2195226/0/en/HEXO-Corp-announces-positive-adjusted-EBITDA-and-94-increase-in-net-revenue-from-prior-year.html