By Adriano Marchese
OrganiGram Holdings on Wednesday reported a narrowed loss and revenue that came in better than expected in its fiscal fourth quarter thanks to efficiencies and higher recreational cannabis sales.
For the three months ended Sept. 30, the Canadian licenses cannabis producer posted a narrowed net loss of 5.4 million Canadian dollars ($3.8 million), compared with a loss of C$26.6 million, in the comparable quarter a year ago.
OrganiGram credits the narrowed loss to higher adjusted gross margins and lower impairment losses in the current quarter.
Net revenue increased 22% to C$44.7 million. Analysts on FactSet were expecting a rise to C$44 million.
Chief Financial Officer Greg Guyatt said: "Efficiency improvements in our operations supported our strong adjusted gross margin in the quarter. Our operational improvements, combined with our recent acquisition of Motif, has laid the foundation for continued growth in fiscal 2025."