Aphria Inc. (NYSE:APHA) reported first quarter earnings results, before market open, on Thursday 15th October 2020.
The net revenue of C$ 145.7 million in the first quarter, an increase of 16 percent from prior year quarter and decrease of 4 percent from prior quarter, solely due to lower distribution revenue driven by the COVID-19 global health crisis. Net cannabis revenue of C$ 62.5 million in the first quarter, an increase of 103 percent from prior year quarter.
Net loss for the first quarter of fiscal year 2021 was C$ 0.02 per share, compared to net income of C$ 0.07 per share for the same period last year.
Aphria entered into a Strategic Supply Agreement with Canndoc Ltd., a subsidiary of InterCure Ltd., (TASE: INCR/INCR.TA), one of Israel largest and most established medical cannabis producers on August 4, 2020.
Irwin D. Simon, Chairman and Chief Executive Officer, said, Our strong first quarter results reflect the continued robust growth and development of Aphrias adult-use cannabis brands in Canada. We are consistently taking a diversified approach to our innovation, strategic partnerships, global expansion and corporate citizenship to fuel sustainable, long-term growth. We believe that the strength of our balance sheet and cash position, combined with our consistent focus on our highest-return priorities, will generate sustainable long-term value for all stakeholders.
