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Continues trend of improving Adjusted Gross Margin and fifth consecutive quarter of positive Adjusted EBITDA
FINANCIAL HIGHLIGHTS
- Net revenue of $39.5 million, up 24% from $31.8 million in the same prior-year period.
- Adjusted Gross Margin1 of $13.4 million or 34%, compared to $8.3 million or 26% in the same prior year period, reflecting improvements from increased efficiencies, higher sales volume and increased international sales.
- Adjusted EBITDA1 of $5.6 million, the fifth consecutive quarter of positive Adjusted EBITDA, compared to Adjusted EBITDA of $1.6 million in the same prior year period.
SALES AND OPERATIONAL HIGHLIGHTS
- In Q2 Fiscal 2023, maintained #3 position among Canadian licensed producers2.
- Organigram held the #1 position in milled flower, the #1 position in hash, and the #3 position in gummies nationally2.
- SHRED Tropic Thunder, Funk Master and Gnarberry milled flower were the top three selling SKUs in the country3 for the six months ended February 28, 2023.
- Organigram held the #1 market position in the Maritimes4, #2 in Ontario and #3 in Quebec2.
- Introduced 18 SKUs in Q2 Fiscal 2023.
- Shipped $10.7 million of high margin flower to Australia and Israel in Q2 Fiscal 2023.
- Subsequent to quarter end, the Company announced agreements with Greentank to exclusively access new vape cartridge technology including the development of a custom all-in-one device that will be proprietary to Organigram.
Organigram Holdings Inc. OGI OGI, (the “Company” or “Organigram”), a leading licensed producer of cannabis, announced its results for the second quarter ended February 28, 2023 (“Q2 Fiscal 2023”). All financial information in this press release is expressed in thousands of Canadian dollars (“$”), except for references to $ millions.
“We are pleased with our results in a quarter with typical seasonality. Our market position remains competitive, supported by our leading brand portfolio, strong international sales and…
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