Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) posted its latest financial earnings report Tuesday, touting a sequential increase in both gross and net revenue of 51% and 39%, respectively.
During the third quarter of 2021, gross revenue totaled $29.1 million, representing an increase of 31% year-over-year, while net revenue grew by 13% over the same period to $20.3 million.
The New Brunswick-based company reported that adult-use recreational net revenue had spiked 40% sequentially and 10% year-over-year, reaching $16.8 million in the quarter ended May 31.
"We are pleased with the growth in revenue in Q3 as we were better staffed to fulfill the demand for our revitalized product portfolio, which continues to resonate well with consumers," Paolo De Luca, the company's chief strategy officer, said.
Here's a breakdown of what the third-quarter earnings report revealed:
- Cost of sales declined by 47% compared to the same quarter of 2020 to roughly $23.4 million, …