HEXO Q3 FY23 Revenue Declines 11% QoQ And 53% YoY, Here Are The Details
Portfolio Pulse from Vuk Zdinjak
HEXO Corp. reported Q3 FY23 net revenue of CA$21.6 million ($16.2 million), an 11% sequential decline and 53% YoY decline, driven by lower sales and increased competition. The company also announced a definitive arrangement agreement for Tilray to acquire all outstanding shares of HEXO.
June 15, 2023 | 1:48 pm
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NEGATIVE IMPACT
HEXO's Q3 FY23 revenue declined 11% QoQ and 53% YoY, driven by lower sales and increased competition. Tilray is set to acquire all outstanding shares of HEXO.
HEXO's Q3 FY23 revenue decline is a negative sign for the company's short-term stock performance. The decline in sales and increased competition may lead to a decrease in investor confidence. However, the acquisition by Tilray may provide some support to the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Tilray is set to acquire all outstanding shares of HEXO, which reported an 11% sequential decline and 53% YoY decline in Q3 FY23 net revenue.
The acquisition of HEXO by Tilray may have a neutral impact on Tilray's stock in the short term. While HEXO's declining revenue is a concern, the acquisition could potentially strengthen Tilray's market position and create synergies in the long run.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80