Aphria Inc. (TSX: APHA) (NASDAQ: APHA), a company that packs cannabis consumer products, released financial results for the third quarter and nine months on Monday, February 28th.
Aphria generated CA $ 153.6 million ($ 122.5 million) in net income from the third quarter. This is a year-on-year increase of 6.4% and a successive decrease of 4.3%.
Net cannabis revenue was CA $ 51.7 million, up 7.8% year-on-year and 23.8% year-over-year, respectively.
The Leamington, Ontario-based company reported an adjusted EBITDA profit of CA $ 12.7 million in the third quarter of 2021, representing the eighth consecutive quarter of positive EBITDA. The adjusted EBITDA of the cannabis industry amounted to CA $ 7.9 million compared to CA $ 12.9 million in the second quarter.
Gross profit was CA $ 31.7 million, compared to a year-on-year increase of CA $ 59.6 million.
The company ended the quarter with CA $ 267.1 million in cash and cash equivalents.
Operating expenses increased by 21% quarter-on-quarter and by 96% year-on-year to CA $ 100 million.
The net loss in the third quarter was CA $ 361 million, or a loss of CA $ 1.14 per share.
“The duration and impact of closures in many of the regions in which we operate, particularly in Canada, was greater than we initially expected for the marijuana industry and our business; however, we believe that Aphria is well positioned with our leading brands and market share, to experience a strong increase in our leading-edge experience as the market improves, ‘said Irwin Simon, the company’s chairman and CEO, in a statement.
The merger of Tilray: In December, Aphria kicked off negotiations to merge Tilray Inc. (NASDAQ: TLRY).
The combined company will continue to work under the Tilray name with Simon as CEO.
The two companies have reached a definitive agreement to combine.
“We expect Aphria and Tilray’s complementary cultures of innovation, brand development and cultivation to further differentiate us from others in the industry, along with the strength of our balance sheet and cash availability as we increase value for all stakeholders,” said Simon. said.
APHA Prize Action: Aphria shares traded up 14.31% at $ 13.95 with the last check Monday.
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