Organigram Releases Q4 2021 Financial Results
Nov 23, 2021 By MarketDepth
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) today announced its Q4 2021 results.
Shares of Organigram Holdings Inc. (TSX: OGI) gained 5.9% in premarket trading.
Revenue Grew 24%
The company’s gross revenue grew to $36.2 million in Q4 2021, representing a 24% increase from Q3 2021 and a 43% increase year over year. Additionally, cost of sales in Q4 2021 dropped by 11% to $25.9 million, as its net revenue from the recreational market grew 52% year over year to $22.9 million in Q4 2021.
“The results in Q4 Fiscal 2021 demonstrate the momentum we have achieved from our efforts to lead innovation and increase efficiencies. In the quarter, we introduced exciting new products that were embraced by consumers and we achieved higher crop yields at a lower cost. We are particularly pleased with our market share gains in the quarter to become a #4 LP and will build on these successes into Fiscal 2022.”Beena Goldenberg, Chief Executive Officer
Furthermore, Organigram launched 16 new SKUs in the recreational channel and the company accounted for a 7% share of the recreational cannabis market in Q4.
“We are excited for what Fiscal 2022 holds for Organigram. Looking ahead, we expect to continue our momentum as we maintain our focus on increased points of distribution, bringing new, impactful and innovative products such as Edison Jolts, SHRED and SHRED’ems to market, and improve our ability to fulfill the growing demand for our products.”CEO, Beena Goldenberg