Aphria Reports Rising Revenue, Covid-Related Impairment
August 4, 2020Leamington, Ontario-based Aphria saw gross revenue from adult-use cannabis increase 27% and net revenue increase 5% quarter over quarter in the three months through May, representing the end of its fiscal year. Net cannabis revenue for the quarter was C$53.1 million ($38.8m) and total net revenue was C$152.2 million ($111.4m), with the C$99.1 million ($72.5m) difference contributed by Aphria’s distribution operations. That figure is C$8 million ($5.8m) more than the prior quarter and marks five consecutive quarters of growth.
However, Aphria also logged a net loss of C$98.8 million ($72.3m) in the fourth quarter. The loss includes a non-cash impairment of C$64 million ($46.8m), “largely attributable to measures taken with respect to certain international business in response to the Covid-19 pandemic.” Adjusted EBITDA for the quarter was a positive C$8.6 million ($6.3m), a 49% increase over the previous quarter.
For its full fiscal year, Aphria’s gross revenue for adult-use cannabis totaled C$150 million ($109.7m), up 307% from 2019, and net revenue rose to C$543.3 million ($397.6m), more than doubling 2019’s total. Adjusted EBITDA for the year was $17.2 million ($12.6m). Chairman and CEO Irwin Simon called fiscal 2020 “a transformative year” for the company.—Danny Sullivan
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
