Aphria Inc. (TSX: APHA) (NYSE: APHA) announced first quarter financial results. Net revenue for the first quarter is USD 126.1 Million, 849% increase from a year ago. Adult-use cannabis revenue reached USD 20 Million in the first quarter an 8% increase from the prior quarter.
“We are pleased to report a second consecutive quarter of profitable growth with strong contribution from our Canadian cannabis operations. Our success was also driven by our international business and the strength and growth of our brands, particularly Broken Coast, despite a small fire at our British Columbia facility at the end of the quarter. This solid start to the year keeps us on track to achieve our fiscal year 2020 financial outlook,” stated Irwin D. Simon. “Going forward, we remain focused on our highest-return priorities both in Canada and internationally as our team furthers the development of our medical and adult-use cannabis brands to drive growth through innovation and return value to shareholders.”
The company reaffirmed its guidance for 2020. Net revenue is expected to reach USD 650 to USD 700 Million as distribution revenue will account for a little over half of the total net revenue. Adjusted EBITDA is predicted to reach USD 88 – USD 95 Million.
Aphria Inc. is a leading global cannabis company driven by an unrelenting commitment to people, the planet, product quality and innovation. Headquartered in Leamington, Ontario – the greenhouse capital of Canada – Aphria Inc. has been setting the standard for the low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria Inc. is committed to bringing breakthrough innovation to the global cannabis market.