Shares of Canadian cannabis producer Organigram (NASDAQ:OGI) gained as much as 6.1% to $1.05 in Tuesday late afternoon trading, after the company posted a surge in Q4 revenue and a narrower loss.
OGI earlier in the day reported Q4 net loss of $6.1M, compared to a loss of $26M a year ago. Revenue soared 83% Y/Y to $45.5M.
The revenue increase was helped by demand for its recreational cannabis products.
"We harvested approximately 16,000 kilos of flower during Q4 to '22 compared to about 12,000 kilos in Q4 of fiscal 2021, an increase of 33%," OGI CFO Derrick West said on the earnings conference call.
The company also said it expects fiscal 2023 revenue to be higher than fiscal 2022. It sees "significant growth" in adj. EBITDA in fiscal 2023 over 2022.