It doesn't take a genius to see there is a problem here. 

Net revenues for the quarter were C$35.8 million, down 29% versus C$50.2 million in the same period last year, and sequentially down 16% versus C$42.5 million in the previous quarter. However, this beat Yahoo Finance’s average analysts’ estimate of C$31.48 million.

It beats "some" analysts very low expectation of a pre-bankruipt company. 
The revenue are declining again, lower than the previous quarter. C$42.5M - C$35.8 = $C6.7M down.

There are 600.99m shares. With a 14/1 reverse split...    600.99M x 14 = 8.4 billions shares. 


 If the company was to make a profit that will never happen, it would be divided by 8.4 billions among investors. After the r/s, Hexo will be short more because of the higher price. A r/s doesn't improve the business but will allow Hexo to last longer. The management want to keep their paycheck the longer possible. Once bankrupted, Tilray will get Hexo for peanuts. I knew there was no hope after all these previous bad quarter results, but with this one, they change the nails on the coffin for screws, screwing more the naive investors. 

Raison... Hexo have to be kidding...

The company said that the decline was attributable in part to “the timing of revenue recognition as certain shipments failed to reach their destination due to severe weather towards the period end.

They lost less money but the main problem remain the decling revenues and the competition, losing revenue to the well managed private companies. Even the private ones have problems.