Shares of Canadian cannabis maker Aphria (APHA) were down more than 12% in trading Monday after the company swung to a fiscal third-quarter loss despite soaring revenue.
The company also reported a decline in the number of kilograms sold to 2,636.5 from 3,408.9. However, the average selling price increased to C$8.03 per gram from C$7.51 per gram.
The increase in price per gram was driven by higher cannabis oil sales while the average price for adult-use cannabis fell to C$5.14 from C$6.32 thanks to the company's shift to smaller package sizes.
The company reported a 617% increase in year-over-year revenue to $73.6 million. The company lost $81.1 million in the quarter, of 43 cents per share, after reporting a profit of 8 cents a year earlier.
"I am proud of the efforts of our over 1,000 employees worldwide as we continue to position Aphria for future growth and success in the global medical and adult-use cannabis industry," stated Irwin D. Simon, Aphria's chairman and interim CEO. "Aphria will continue to drive sustainable long-term shareholder value by leveraging its strong brand positioning, superior distribution model, product innovation, industrial scale cultivation and automation, medical-use leadership and strategic global platform."