HEXO Corp. (HEXO) is a leading and licensed developer of a novel product line for the international cannabis market. It is serving the recreational market with brands including Redecan, UP Cannabis, 48North, Bake Sale, and Latitude brands. It also serves the international medical market.
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HEXO stock price during the regular trading of March 17, 2022, jumped by 9.5% to be $0.62. Its price dropped at the time of writing in the premarket session of March 18, 2022, by 9.58%.
HEXO: Key Financials
On March 17, 2022, HEXO delivered its unaudited financial report for the second fiscal quarter of 2022 ended January 31, 2022. Some of the important features are mentioned below.
Net total revenues in Q2 2022 were $52.7 million compared to $32.8 million in the same period of 2021. The company’s total net revenues are $19.8 million up year-over-year.
Basic and diluted per-share net loss in 2022 Q2 was $690 million or $1.94 in comparison to $20.8 million or $0.17 in Q2 2021. Its net loss increased drastically over the year.
HEXO: Events and Happenings
On March 14, 2022, HEXO reported the irrevocable waiver by HT Investments MA LLC any rights with regards to the breach of its covenant in the Secured Note. Investments MA is the holder of its senior convertible secured note due May 2023.
On March 03, 2022, HEXO updated on projected contracts for commercial and economic collaboration with Tilray Brands, Inc. The collaboration will bring the top two Canadian cannabis market share influencers together, empowering their positions and increasing the production efficiencies amidst competitive business dynamics.
On February 09, 2022, HEXO posted an update regarding its priorly stated strategy, ‘The Path Forward’, developed to improve the company’s position as in recreational market share. The company provided its shareholders with updates regarding streamlining and simplifying the organizational structure, which is one of the five strategic pillars.
On January 31, 2022, HEXO informed the press about the receipt of notification from the NASDAQ regarding its non-compliance with the least bid price obligation of $1.00 per share for consecutive 30 days.
HEXO stock dropped to a new low of 90% as it down-performed in the last year. Its stock is still plunging in Friday’s pre-market trading session as the company most recently announced its Q2 2022 financial statement. Its EPS declined radically over the year while the revenue increased.