HEXO Corp. (HEXO) shares gained 1.48% in after-hours on Wednesday, January 05, 2021, and closed the daily trading at $0.68. However, in the regular trading session, HEXO’s stock lost 5.45%. HEXO shares have fallen 85.71% over the last 12 months, and they have moved down 4.61% in the past week. Over the past three months, the stock has lost 61.04%, while over the past six months, it has declined 86.76%.
Let’s see what are the latest news about the company
HEXO new appointments
On January 05, 2022, HEXO Corp announced the appointment of William Todd Montour to the Company’s Board of Directors following the resignation of Jason Ewart, effective immediately.
The Company also appointed Curtis Solsvig as acting-Chief Financial Officer, effective immediately.
HEXO Fiscal 2021 Annual Meeting of Shareholders
On December 16, 2021, the fiscal 2021 annual meeting of HEXO shareholders will be held on March 8, 2022, and its board of directors has fixed the close of business on February 4, 2022. HEXO also received permission from the Toronto Stock to hold the upcoming annual meeting of shareholders after January 31, 2022.
HEXO latest financial results
On December 14, 2021, HEXO Corp released its financial results for the first fiscal quarter ended October 31, 2021.
Q1 2022 financial highlights
- Total revenue was $50.2 million in Q1 2022 compared to $29.47 million in Q1 2021.
- The cost of goods sold was $82.98 million in Q1 2022 compared to $17.54 million in Q1 2021.
- Total operating expenses were $123.13 million in Q1 2022 compared to $20.78 million in Q1 2021.
- It suffered a net loss of $116.9 million in Q1 2022 compared to a net loss of $4.2 million in Q1 2021.
HEXO path forward strategy
The company also announced its new transformative plan The Path Forward, to solidify its position as the number one cannabis company in Canada.
According to the new plan, the company will take the following initiatives, to generate a cash flow of $37.5 million in fiscal 2022.
- Accelerate growth through organic market share gains and capture missed revenue opportunities.
- Reduce manufacturing and production costs
- Streamline and simplify the organizational structure
- Realize cost synergies from acquisitions and recent plant closures
- Revenue management, including more disciplined pricing
HEXO new Board member
On December 14, 2021, HEXO Corp announced the appointment of John K. Bell as Chair of the Board of Directors.
John Bell, FCA, FCPA, ICD.D has a distinguished 40-year career of business success including executive management, corporate governance, financing, and M&A. John was a member and Chair of the Board at Canopy Growth between 2014 and 2020 and grew the company to a market cap of $20 billion.
Well, we have no reason for its decline in the regular trading on Wednesday and later its minor gains in the after-hours session. Let’s see how it performs in the coming trading sessions on Thursday?