On Monday, OrganiGram Holdings (NASDAQ:OGI) became the latest marijuana company to post its quarterly results, divulging its fiscal fourth-quarter 2020 figures.
For the quarter, OrganiGram booked 20.4 million Canadian dollars ($15.7 million) in net revenue, which was up from both the third-quarter figure of CA$18 million ($13.9 million) and the year-ago result of CA$16.3 million ($12.5 million). Meanwhile, net loss landed just shy of CA$38.6 million ($29.7 million), which was far narrower than Q3's nearly CA$90 million ($69.3 million) but deeper than the CA$22.5 million ($17.3 million) of Q4 2019.
According to Zacks, the company's bottom-line result broadly matched analyst expectations, while the top-line figure modestly exceeded them.
OrganiGram's take rose largely because of its rollout of a host of new products. These include edibles, such as its Trailblazer Snax cannabis-laced chocolate bar and the very recently introduced Edison RE:MIX dissolvable powder. In the ever-critical dried-flower segment, the company continues to launch new products on both the value (Trailblazer) and premium (SHRED) ends of the price spectrum.
In its earnings release, OrganiGram did not proffer any guidance for future periods. However, it did say that it plans to hire more staff, following cutbacks earlier this year in order to capitalize on factors such as the increased consumer take-up of derivative cannabis products and increased dispensary licensing in Ontario, a crucial Canadian province.
It is also eyeing opportunities in the U.S. market in which five states legalized marijuana to various extents on Election Day.
In late afternoon trading, the volatile OrganiGram's shares were up by 5.6% in contrast to the slump of the S&P 500 index.