Shares of Canadian cannabis company Aphria (APHA) - Get Report jumped premarket Thursday after the company reported record fiscal second-quarter results that topped analysts' top- and bottom-line estimates.
The Ontario-based company reported a second quarter net loss of C$122 million ($96.3 million), or 42 cents per share, an increase from the C$8.2 million ($6.46 million), or 3 cents a share net loss it reported a year ago.
Excluding non-recurring items, Aphria reported an adjusted profit of a penny per share, compared to an adjusted loss of 19 cents per share a year ago. Revenue rose 33% year- over-year to C$160.5 million ($126.6 million).
Analysts were expecting an adjusted loss of 3 cents per share on revenue of C$153.9 million ($121.23 million).
Shares rose TK
"Our market leading adult-use cannabis brands and sales remained strong and our international medical cannabis sales are off to a solid start. We also advanced our long-term vision for building a global cannabis life-style consumer packaged foods company positioned for sustainable, profitable growth with the completion of our acquisition of SweetWater late in the second quarter," said CEO Irwin Simon.
The company reported record gross revenue for adult-use cannabis of $72.1 million, a 150% year-over-year increase. Net cannabis revenue of $67.9 million was a 99% year-over-year increase.
"We are planning to execute on the significant strategic and financial opportunities provided by the addition of SweetWater and, upon the closing of the Tilray business combination, including our over $100 million anticipated pre-tax synergies, to generate significant value for our stakeholders," Simon said.