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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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
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