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HEXO Corp (TSX: HEXO) Records Highest Gross Revenue In History, Up 114% YoY in Q1 FY2021

2 min read | December 14, 2020 11:07 AM EST | By Team Kalkine Media
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  • Canadian pot company HEXO Corp saw its gross revenue shoot up to a record high of C$ 41.3 million in the first quarter of the fiscal year of 2021.
  • HEXO Corp’s net revenue, amounting to a total of C$ 29.5 million, climbed about nine per cent quarter-over-quarter (QoQ) and a whopping 103 per cent year-over-year (YoY) in Q1 FY2021.
  • As cannabis sales surged significantly in Canada in the recent months, posting a record high in July, HEXO Corp noted a substantial sales in its latest quarter.
  • The company said that 18 per cent of its gross sales in the latest quarter came from Alberta, while about 15 per cent was generated from Ontario and some six per cent from British Columbia.
  • The company, which is based in Canada’s Ottawa, reported an improvement in its adjusted EBITDA loss for the sixth time in a row in the latest quarter. It was down 87 per cent from a loss of C$ 3.25 million in Q4 FY2020 to that of C$ 0.42 million in Q1 FY2021.
  • HEXO Corp, which manufactures and sells medicinal as well as adult-use recreational marijuana, reported that its adjusted gross margin on sales stood at 39 per cent in Q1 FY2021, excluding adult-use beverages.
  • At the close of the first quarter of the fiscal year of 2021, which ended on 31 October 2020, HEXO Corp recorded a working capital of C$ 250.3 million.
  • HEXO Corp’s cash on hand amounted to C$ 149.8 million at the end of Q1 FY2021.

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