Hexo Corp. generated better-than-expected revenues and posted a lower-than-feared EBITDA loss in the first quarter. Shares of the Canada-based cannabis company advanced 2.9% in Tuesday’s pre-market session, after closing flat on Monday. Hexo’s (HEXO) 1Q revenues of C$29.5 million surged 103% year-over-year and came ahead of the Street’s estimates of C$14.5 million. Meanwhile, 1Q revenues grew 9% sequentially, driven by an “8% growth in adult-use cannabis sales and 54% growth in adult-use beverage,” the company said. The company reported an adjusted EBITDA loss of C$0.42 million in 1Q, compared to a loss of C$3.25 million in the year-ago period. Analysts had forecasted a loss of C$2.
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