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Aphria Cannabis Revenue Soars 81%, Reports Fifth Quarter Of Growth – Benzinga

Aphria Inc. (TSX: APHA) (NASDAQ: APHA) achieved its fifth consecutive quarter of growth.

The Leamington, Canada-based cannabis company reported a year-over-year revenue spike of 81% to CA$53.1 million (US$39.7 million).

Adult-use cannabis revenue amounted to CA$56.7 million, up by 27% sequentially, according to its fourth-quarter earnings report.

Aphria generated CA$152.2 million in overall net revenue, seeing a sequential and year-over-year increase of 5% and 18%, respectively.

“Our strong finish to fiscal year 2020 demonstrates that this was a transformative year for Aphria, as our net revenue increased 129% from fiscal year 2019,” noted Chairman and CEO Irwin Simon.

As they are “setting ourselves apart from the rest of the cannabis industry,” they “continue to focus on capturing strong market share in Canada,” he added.

Other financial highlights from the company include:

  • Positive adjusted EBITDA of CA$8.6 million, up by 49% compared to the previous period
  • Positive adjusted EBITDA from cannabis operations of CA$9.3 million
  • That’s an increase of 55% compared to the third quarter
  • Cash and cash equivalents amounted to CA$497.2 million
  • Non-cash impairment of CA$64.0 million (driven by the measures taken in response to health crisis)
  • Gross revenue for adult-use cannabis of CA$150.4 million in fiscal 2020, up by 307% compared to the last year
  • Positive Adjusted EBITDA of CA$17.2 million in fiscal 2020, versus a loss of CA$27.7 million in 2019

Quarterly Milestones

During the quarter, the Malta Medicines Authority granted the company the European Union Good Manufacturing Practices certification, that way, allowing it to ship finished, dried flower, and finished oil for medicinal and research purposes within the European Union.

In June, Aphria transferred its stock from the New York Stock Exchange to the Nasdaq exchange.

Simon explained the move was a “reflection of our ongoing commitment to find cost effective ways of operating.”

Courtesy photo

© 2020 Benzinga does not provide investment advice. All rights reserved.

Written by homegrownreview

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