Organigram Holdings Inc., a leading licensed producer of cannabis, announced its results for the fourth quarter and year ended August 31, 2022 (“Q4 Fiscal 2022” or “Fiscal 2022”).
“In Fiscal 2022, our innovative product launches, comprehensive retail distribution, sales execution, and operational excellence helped Organigram become a leading consumer products company in the cannabis sector,” said Beena Goldenberg, Chief Executive Officer. “During the year, we increased and optimized production to meet consumer demand, drove market share gains nationally and solidified our position as serious competitors in several new categories. In Fiscal 2023 we expect continued success as we build on the high recognition of our brands, our track record of innovation and our proven ability to execute.
Q4 FISCAL 2022 FINANCIAL HIGHLIGHTS
- Continued record growth in net revenue, reaching $45.5 million, the highest in the history of the Company, up 83% from $24.9 million in the same prior-year period and 19% from $38.1 million in Q3 Fiscal 2022.
- Adjusted EBITDA1 of $3.2 million, the third consecutive quarter of positive Adjusted EBITDA, compared to negative Adjusted EBITDA of $4.8 million in the same prior year period.
- Adjusted Gross Margin1 of $10.4 million or 23%, compared to $3.0 million or 12% in the same prior year period, reflecting improvements from increased efficiencies and higher sales volume.
FISCAL 2022 FINANCIAL HIGHLIGHTS
- Net revenue of $145.8 million, an increase of 84% over $79.2 million in Fiscal 2021.
- Adjusted EBITDA1 of $3.5 million, compared to a loss of $27.6 million in Fiscal 2021.
- Adjusted Gross Margin1 of $33.4 million or 23%, an increase of 837% over $3.6 million or 5% in Fiscal 2021.
SALES AND OPERATIONAL HIGHLIGHTS
- In Q4 Fiscal 2022, held #3 position among Canadian licensed producers with 8.2% market share compared to 7%, in the same prior-year period. In October, Organigram achieved the #2 market position.2
- According to OCS shipped sales data, Organigram achieved the #1 market position in Ontario since January, 2022 and maintained it throughout the balance of the fiscal year3.
- Organigram achieved the #1 market position in the Maritimes, since January 2022, until the end of the fiscal year3.
- Continues to hold #1 position in dried flower, the largest category of the Canadian cannabis market, the #3 market position nationally in gummies2 and the #1 position for hash in the Quebec market4.
- Introduced 18 SKUs in Q4 Fiscal 2022 for a total of 85 in market.
- Generated a 11% increase in yield per plant in Q4 Fiscal 2022, compared to the same prior year period, as a result of environment improvements which contributed to reduced cultivation costs of 23% in Fiscal 2022 versus Fiscal 2021 and provided additional flower to address growing consumer demand.
- In Q4 Fiscal 2022, completed 4C expansion at Moncton growing facility, increasing annual capacity from 45,000 kilograms at the end of Fiscal 2021 to 85,000 kilograms of dry flower at the end of fiscal 2022, which will drive further cost reductions through operating leverage.
- Shipped $6.0 million of high margin flower to Australia and Israel in Q4 Fiscal 2022. In Fiscal 2022, Organigram shipped $15.4 million of flower internationally, compared to $0.4 million in Fiscal 2021.
