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Cannabis producer HEXO Corp. (NASDAQ: HEXO) has reported a narrower net loss for the second quarter of 2023, on an adjusted basis, amid a decline in operating expenses. The company’s revenue in Canada fell in three months.
The comprehensive loss narrowed sharply to C$11.1 million in the January quarter from C$690.3 million in the corresponding fiscal 2022 period.
At C$24.2 million, net profit fell 54% year-on-year, reflecting lower sales in all major operating segments. Total operating expenses declined 96% year-over-year.
“SG&A expenses decreased by 11 percent or $ 1.5 million compared to the previous quarter. We also made significant progress in our trade receivables with a reduction of $ 21 million compared to the first quarter and have paid off debts of $ 40.7 million,” said CFO Hexo Julius Ivancsits.
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