HEXO Q1 Total Revenues C$35.8M, Down 29% YoY

Author: Bill Haddad | December 15, 2022 08:11am

The Company recorded an Adjusted EBITDA loss of $(0.6) million during the three months ended October 31, 2022 ("Q1'23"), an improvement of $6.9 million from the fourth quarter of FY22 ("Q4'22"), and an improvement of $11 million from the first quarter of FY22 ("Q1'22").
The Company recorded a total net loss before tax of $(57.1) million in Q1'23, an improvement as compared to net losses before tax of $(106.2) million in Q4'22 and $(117.4) million in Q1'22, respectively.
Q1'23 net revenues were $35.8 million, a decrease of 29% comparatively to $50.2 million in Q1'22 and a decrease of 16% compared to $42.5 million net revenue in Q4'22.
Total operating expenses were significantly reduced by 69% or $50.7 million quarter over quarter and 81% or $100 million as compared to Q1'22.
Operating cash outflows were reduced by $27.7 million or 49% when compared to Q1'22.

Posted In: HEXO TSX:HEXO