Aphria Inc. reported its results for the first quarter ended August 31, 2019. All amounts are expressed in thousands of Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.
“We are pleased to report a second consecutive quarter of profitable growth with strong contribution from our Canadian cannabis operations. Our success was also driven by our international business and the strength and growth of our brands, particularly Broken Coast, despite a small fire at our British Columbia facility at the end of the quarter. This solid start to the year keeps us on track to achieve our fiscal year 2020 financial outlook,” stated Irwin D. Simon. “Going forward, we remain focused on our highest-return priorities both in Canada and internationally as our team furthers the development of our medical and adult-use cannabis brands to drive growth through innovation and return value to shareholders.”
Key Operating Highlights
- Net revenue of $126.1 million in the first quarter, an increase of 849% from prior year quarter and decrease of 2% from prior quarter.
- Revenue for adult-use cannabis of $20.0 million in the first quarter, an increase of 8% from prior quarter.
- Net income of $16.4 million and adjusted EBITDA of $1.0 million in the first quarter.
- Adjusted EBITDA from cannabis operations of $1.3 million in the first quarter.
- Ended quarter with a strong balance sheet and liquidity, including $464.3 million of cash, cash equivalents and liquid marketable securities, to fund planned Canadian and International growth.
- Aphria One facility in full crop rotation with more than 600,000 plants.
- On-track for annual production capacity of 255,000 kilograms when all facilities are fully licensed and operational.
- Launch of Plant Positivity, Aphria’s social impact platform that aims to provide greater education and access to plants within the communities the Company serves.
- Official roofing ceremony for Aphria’s indoor facility in Neumünster, Germany.
- Completion of Aphria’s Cannabis Vault in Bad Bramstedt, Germany.
- Aphria’s subsidiary Marigold Project Jamaica Limited officially opened its first retail Herb House at the Peter Tosh Square, Unit #51, Pulse Center, 38a Trafalgar Road, overlooking the Peter Tosh Museum in New Kingston, Jamaica.
- Signed on as a brand partner for the PAX Era device and platform.
- Launch of “Aphria Educates”, a program aimed to educate Canadian adults on responsible and safe use of all cannabis products legally available now and in the future.
- Health Canada advised the Company on October 11, 2019 that they are in the process of expediting the issuance of Aphria Diamond’s licence.
For more information please visit http://aphria.com/.