- HEXO (HEXO) has reported its financial results for the fourth quarter and fiscal year ended July 31, 2021
- Net revenue increased 71 per cent quarter-over-quarter and 43 per cent from Q4’20
- Total net revenue for FY21 grew to $123.5 million from $80.6 million in FY20
- The company will hold a conference call, October 29, 2021 to discuss these results
- HEXO is an award-winning licensed producer of innovative products for the global cannabis market
- HEXO Corp. (HEXO) opened trading at C$2.04 per share
HEXO (HEXO) has reported its financial results for the fourth quarter and fiscal year ended July 31, 2021.
“I am honoured and humbled to join the team as HEXO’s President & CEO,” said Scott Cooper.
“As we review our last fiscal year, I would like to highlight some key achievements. Last fiscal, HEXO achieved its highest net revenue in the company’s history, leads the Canadian cannabis market in four categories and completed three acquisitions, including the transformative Redecan acquisition, propelling the company to the number one market share position in Canadian adult-use recreational cannabis sales,” commented Cooper.
Highlights:
- Closed the Zenabis acquisition on June 1, 2021, offering diversified cultivation facilities, including a state-of-the-art indoor grow facility in Atholville, NB.
- Completed the acquisitions of Redecan and 48North Cannabis Corp.
- Committed to ESG leadership, by offsetting 100 per cent of its 2020 operational carbon emissions and personal emissions for all employees
- Undertook a strategic reorganization, announcing the departure of co-founder and CEO, Sebastien St-Louis and the appointment of Scott Cooper as HEXO’s new President & CEO
- Appointed Valerie Malone as Chief Commercial Officer and Guillaume Jouet as Chief People & Culture Officer
- Net revenue increased 71 per cent quarter-over-quarter and 43 per cent from Q4’20
- Total Q4’21 net revenue increased to $38.7 million from $22.6 million in Q3’21
- Total net revenue for FY21 grew to $123.5 million from $80.6 million in FY20
- Increased market share in several provinces, including Ontario, Alberta and British Colombia, and maintained a top two market share in Quebec
- Cannabis beverage net revenues increased 70 per cent quarter-over-quarter and 161 per cent from fiscal 2020
- Announced the closing of the acquisition of a 50,000 sq. ft. facility in Colorado
Quarter-over-quarter, Hexo’s total gross margin declined to 20 per cent from 22 per cent in Q3’21.
The company will hold a conference call on October 29 to discuss these results. Scott Cooper, President & CEO, and Trent MacDonald, CFO, will host the call starting at 8:30 a.m. Eastern. Analysts’ question and answer period will follow management’s presentation.
Webcast: https://events.q4inc.com/attendee/987736433
HEXO is an award-winning licensed producer of innovative products for the global cannabis market.
HEXO Corp. (HEXO) opened trading at C$2.04 per share.