Hexo (NYSE:HEXO) earnings for fiscal second quarter of 2020 have HEXO stock taking a beating on Monday. That comes after reporting revenue of $17 million for the quarter. The Canadian cannabis company did not report per-share results for the period.
Let’s take a more thorough look at the most recent Hexo earnings report below.
- Revenue comes in 26.87% higher than the $13.4 million reported during the same time last year.
- The Hexo earnings include an operating loss of $289.4 million.
- That’s a 4,094.2% wider operating loss than the $6.9 million reported in the fiscal second quarter of 2019.
- A net loss of $298.2 million also wasn’t doing HEX stock any favors on Monday.
- That’s due to it being 6,834.88% worse than the company’s net loss of $4.3 million from the same period of the year prior.
Sebastien St-Louis, CEO and co-founder of Hexo, said this about the HEXO stock earnings report.
“We have continued our focus on improving our operations and expanding distribution across Canada. Our strategy with Original Stash has demonstrated that we can directly compete with the black market. The industry continues to see challenges ahead, and following a strategic review of the Company’s core and non-core assets we believe we have positioned HEXO to meet these challenges head on.”
The Hexo earnings report doesn’t include an outlook for fiscal 2020. However, the company does note that it will continue operating even as the coronavirus from China continues to spread.
HEXO stock was down 27.52% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.