Organigram Holdings (NASDAQ: OGI) reported Q3 EPS of ($0.51), versus ($0.07) reported last year. Revenue for the quarter came in at $18 million, versus $24.8 million reported last year.

• Net revenue of $18.0 million compared to $24.8 million in Q3 2019
• Generated positive cash flow from operations of $8.5 million as a result of monetization and optimization of working capital and ended the quarter with cash and short-term investments of $44.8 million
• Subsequent to quarter-end, raised $17.9 million in gross proceeds to complete the at-the-market (“ATM”) equity program and drew remaining $30 million on its existing term loan with only modest remaining expansion capex of $4 million as at quarter-end based on current plans
• Launched Organigram’s first value offering of dried flower in a large size format of 28g into the fast-growing value segment of the adult-use recreational market
• Secured the Company’s largest international deal to date in June 2020 to supply one of Israel’s largest and most established medical cannabis producers, Canndoc Ltd., with up to 6,000kg of dried flower in a multi-year agreement
• Reduced the Company’s workforce by ~25% or ~220 employees in June 2020 in order to better align with the needs of the business and prevailing market conditions

“Since the onset of the global pandemic, the priority for us has been protecting the health and safety of our employees,” said Greg Engel, CEO. “This prioritization led to a significantly reduced workforce which contributed to a number of product launch delays, including our initial large format value offering, which affected opportunities to potentially capture significant market share and sales in dried flower, the largest product segment of the recreational market. Since then, we have launched a number of new products and line extensions with more to come. Furthermore, we believe we have right-sized our workforce and even before doing so, we were able to generate positive cash flow from operations in Q3 2020 as we continue to remain focused on building a business that delivers attractive return on investment for shareholders.”

For earnings history and earnings-related data on Organigram Holdings (OGI) click here.