Aphria Inc. (APHA) stock surged by 0.06% at the last trading close whereas the APHA stock declines by 12.65% in the pre-market trading session after APHA reported its third-quarter fiscal year 2021 financial results. Aphria Inc. is a leading international cannabis-lifestyle consumer packaged goods company that operates in Canada, the United States, Europe, and Latin America that is improving people’s lives for the better by engaging and motivating the global community to live their optimal by helping them with products that meet their mind, body, and soul needs and induce a feeling of well-being.
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Financial Highlights of Third quarter Fiscal year 2021
On April 12, 2021, APHA reported the financial results of the third-quarter fiscal year 2021, given below is the summary:
- For the three months ended February 28, 2021, the net revenue of APHA was $153.6 million, up 6.4 percent from $144.4 million the previous year. Owing to a reduction in net cannabis and distribution sales, partly offset by a rise in net beverage alcohol revenue from the purchase of Sweetwater, the third-quarter fiscal year 2021 net revenue decreased 4.3 percent from the prior quarter net revenue of $160.5 million.
- Operating expenses rose to $100.0 million in the quarter, up from $82.7 million in the previous quarter and $50.9 million in the third quarter of the previous year.
- In the third quarter of the fiscal year 2021, APHA recorded a net loss of $361.0 million, or $1.14 per share, compared to a net loss of $120.6 million, or $0.42 per share, in the previous quarter and a net income of $5.7 million, or $0.02 per share, in the third quarter of the previous year. On an adjusted basis, excluding the effects of the items listed in the reconciliation table below, APHA reported a net loss of $47.9 million, or $0.15 per share, for the third quarter of the fiscal year 2021.
The CEO Irwin D. Simon said that in the very complex, ongoing COVID-19 operating environment, their global team performed admirably. For the third quarter of fiscal 2021, APHA kept its expenditures under control and maintained a positive adjusted EBITDA. Lockdowns lasted longer and had a greater effect on the cannabis industry and their business than they had expected in many of the regions where they operate, especially in Canada.