The Ontario-based company reported a loss of 15 cents a share, compared with expectations for a loss of 5 cents. The company reported a profit of 2 cents a share in the year-ago quarter.
"The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business," said CEO Irwin Simon.
The company reported net cannabis revenue of C$153.6 million, also below consensus estimates of C$161.5 million. Net cannabis revenue fell nearly 8% year over year, though gross revenue for adult-use cannabis jumped more than 30% year over year to C$60 million.
During the quarter, Aphria closed a C$120 million financing agreement with BMO and ended the quarter with C$267.1 million in cash and cash equivalent.
"Going forward, we are excited about the strategic opportunities for incremental growth as we look to parlay our branded consumer products into additional complementary product offerings in Canada, the U.S. and internationally," Simon said.
Last week, analysts at Stifel lowered their revenue estimates for Aphria ahead of Monday's release with analyst W. Andrew Carter saying "renewed excitement for the cannabis sector [yielded] disproportionate gains for U.S.-listed Canadian producers during first-quarter 2021 (+98%, S&P 500 +6%)."
But "valuations overall are incognizant of the market's structural challenges and near-term headwinds likely to pressure first-quarter 2021 results."
Carter expected revenue of C$163 million.