Organic Growth And Innovation Drive YoY Increase In Cannabis Producer Organigram's Q4 Revenue And Adjusted EBITDA
Canadian cannabis producer Organigram Holdings reported an 11% year-over-year increase in net revenue for the fourth quarter, reaching C$A161.6 million ($121 million). The company credited the growth to its focus on innovative products that meet consumer demand for convenience, such as pre-rolls and edibles. The increase in revenue contributed to a 71% rise in adjusted EBITDA to nearly CA$6m for the quarter, compared with the same period in 2022. Organigram's adjusted gross margin was CA$40.2m, up 20% on 2022. The company also reported a net loss of CA$248.6m, compared with CA$14.3m in 2022, due to impairments on property, plant and equipment, intangibles and goodwill. Organigram said it expects improved margins in future as efficiency gains from facility upgrades and expansion into higher-margin categories such as craft flower and vapes bear fruit.
