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Dec 16, 2019

Hexo reports $62.4 million first-quarter loss

Hexo shares fall after posting quarterly decline in revenue


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OTTAWA - Cannabis company Hexo Corp. says it lost $62.4 million in its latest quarter compared with a loss of $12.8 million in the same quarter last year.

The loss amounted to 24 cents per diluted share for the quarter ended Oct. 31, compared with a loss of seven cents per share a year ago when the company had fewer shares outstanding.

Net revenue for what was the first quarter of the company's financial year totalled $14.5 million, up from $5.7 million a year ago.

Hexo announced in October that it was cutting 200 jobs to adjust for expected future revenues and "ensure the long-term viability" of the firm.

The company said it took a corporate restructuring charge of $3.7 million in the quarter related to severance and other payroll related termination costs.

Sebastien St-Louis, Hexo's CEO and co-founder, said the company has done "some pretty heavy lifting" as it works towards profitability in 2020.