OrganiGram (NASDAQ:OGI) earnings for the cannabis company’s fiscal first quarter of 2020 have OGI stock soaring in after-hours trading on Tuesday. This comes after reporting losses per share of -5 cents on revenue of $19.25 million. Wall Street was looking for per-share losses of -2 cents for the quarter.
Now for a closer look at the most recent OrganiGram earnings report.
- Losses per share for the quarter is a switch from EPS of 15 cents reported during the same time last year.
- Revenue is sitting 102.85% higher than the $9.49 million reported in its fiscal first quarter of 2019.
- The OrganiGram earnings report also includes a net loss of $660,570.
- That’s not as good as the company’s net income of $22.59 million from the same period of the year prior.
Greg Engel, CEO of OrganiGram, has this to say about the OGI stock earnings.
“Despite ongoing industry challenges, we are pleased with solid Q1 2020 results and our return to positive adjusted EBITDA during the quarter. Our team was also successful in shipping the first of our Rec 2.0 products as planned and on schedule in December of 2019. We also look forward to the launch of the remainder of our vape pen portfolio followed soon after by our premium cannabis-infused chocolate products.
Company leaders will be going over the OrganiGram earnings for its fiscal first quarter of 2020 in a conference call. This conference call will start at 5:00 p.m. Eastern Time and is available via calling on or a webcast.
OGI stock was up 27.31% after the markets closed on Thursday. The stock closed out the day down 3.14%.
As of this writing, William White did not hold a position in any of the aforementioned securities.