LEAMINGTON, Ont. — Cannabis company Aphria Inc. slashed its outlook as it reported a loss in its latest quarter.
Aphria said it now expects net revenue for its 2020 financial year between $575 million and $625 million and adjusted earnings before interest, taxes, depreciation and amortization between $35 million and $42 million.
That compared with guidance in October for net revenue between $650 million and $700 million and adjusted earnings before interest, taxes, depreciation and amortization between $88 million and $95 million.
The revised forecast came as Aphria reported a net loss of $7.9 million or three cents per share for the quarter ended Nov. 30 compared with a profit of $54.8 million or 22 cents per share in the same quarter a year ago.
Net revenue in what was the second quarter of Aphria’s 2020 financial year totalled $120.6 million, up from $21.7 million a year earlier.
Aphria also announced Irwin Simon would become the company’s chief executive. Simon, who is also Aphria’s chairman, has been serving as interim chief executive since last February.