Organigram Reports Record First Quarter Fiscal 2023 Results

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TORONTO--(BUSINESS WIRE)--Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), a leading licensed producer of cannabis, announced its results for the first quarter ended November 30, 2022 (“Q1 Fiscal 2023”). All financial information in this press release is expressed in thousands of Canadian dollars ("$"), except for references to $ millions. “Our first quarter of fiscal 2023 demonstrates the success of our expansion at Moncton and continuing productivity improvements in fiscal 2022,” said Beena Goldenberg, Chief Executive Officer. “In the quarter, we achieved a record harvest and the lowest cost of cultivation in the history of the Company. We maintained our market position and are confident our disciplined approach to operations and innovation will drive further success in the rest of the year.” Select Key Financial Metrics (in $000s unless otherwise indicated) Q1-2023 Q1-2022 % Change Gross revenue 60,882 44,345 37 % Excise taxes (17,561) (13,967) 26 % Net revenue 43,321 30,378 43 % Cost of sales 31,621 27,924 13 % Gross margin before fair value changes to biological assets & inventories sold 11,700 2,454 377 % Realized fair value on inventories sold and other inventory charges (12,528) (12,313) 2 % Unrealized gain on changes in fair value of biological assets 24,714 10,469 136 % Gross margin 23,886 610 3816 % Adjusted gross margin1 12,829 5,475 134 % Adjusted gross margin %1 30 % 18 % 67 % Selling (including marketing), general & administrative expenses2 15,702 12,644 24 % Adjusted EBITDA1 5,577 (1,887) 396 % Net income (loss) 5,329 (1,305) 508 % Net cash provided by (used in) operating activities 3,465 (9,341) 137 % 1 Adjusted gross margin, adjusted gross margin % and Adjusted EBITDA are non-IFRS financial measures not defined by and
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