Despite 617% Revenue Growth, Aphria Reports Fiscal Loss

Despite a surge in top-line growth, one of the biggest cannabis producers reported a loss in fiscal Q3.

Aphria Inc (TSX: APHA, OTCQB: APHQF, Forum) released it’s FQ3 2019 results on Monday, with net revenue of $73.6 million up 240 per-cent from the previous quarter and surging 617 per-cent from prior year period. However, the company also reported a net loss of $108.2 million in the quarter, compared to a profit of $12.9 million in the fiscal third quarter of 2018.

A $50-million non-cash impairment on its Latin American assets dragged down its bottom line with an adjusted quarterly loss at $0.20 per share.

For the three-month period ending Feb. 28th, 2019, Aphria sold 2,637 kg. of cannabis compared to 3,409 kilograms in the previous quarter. The company blamed this decline on “temporary packaging and distribution challenges,” as well as supply shortages relating to new growing techniques.

The same day, Aphria stated in a release that it has agreed to accelerate the expiry of the hostile takeover bid from Green Growth Brands from May 9th to April 25th, 2019.