Marijuana company Harvest Health & Recreation (OTC:HRVS.F) released its fiscal fourth-quarter figures on Tuesday, and there was good news on the revenue front.
For the final quarter of its fiscal 2019, total revenue hit nearly $37.8 million, which was 123% higher on a year-over-year basis, and up 14% from the preceding quarter. The company's net loss widened, however, to $88.9 million ($0.31 per share) from both the Q4 2018 loss of $71.1 million and the quarter-ago shortfall of $39.1 million.
On a non-IFRS (adjusted) EBITDA basis, Harvest Health lost just over $6.8 million in the quarter, representing a flip from Q4 2018's adjusted profit of nearly $2.4 million, but a narrower adjusted loss than the preceding quarter's $10.9 million.
Analysts' forecast estimates for Harvest Health's revenue were not readily available. According to data compiled by The Wall Street Journal, the prognosticators' average estimate for the cannabis company's bottom-line net loss was only $0.06 per share.
Harvest Health provided the barest wisp of guidance in its earnings release, saying only that sequential revenue growth for its recently completed Q1 is expected to be similar to that of Q4. CEO Steve White also revealed, in the conference call discussing Harvest's financial results, that it is in litigation with Interurban Capital Group.
This was a privately held company that Harvest effectively acquired in a nearly $86 million cash-and-stock deal that closed last month. Interurban's key asset was Have a Heart, a dispensary chain with 10 stores located in the Western U.S. White provided few details regarding the dispute, but did predict that Harvest will "ultimately prevail."
On Tuesday, in contrast to the broader stock market, which fell slightly, Harvest's shares gained 3.3%.