HEXO Reports Better-Than-Expected Fiscal Q3 Revenue
HEXO (NYSE: HEXO) announced results for its fiscal 2020 third quarter before the market open on Thursday. For the period, which ended April 30, the Canadian cannabis producer reported gross revenue of 30.9 million in Canadian dollars, up 30% quarter over quarter. Its net revenue, which excludes excise taxes, also jumped 30% to CA$22.1 million, exceeding analysts' consensus estimate of CA$20.3 million.
On adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), the company posted a loss of CA$4.3 million. That was, however, an improvement from fiscal Q2's adjusted EBITDA loss of CA$8.5 million.
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Source Fool.com
