Financial Performance - For Q3 Fiscal 2024, Organigram reported financial results for the three and nine months ended June 30, 2024, with comparative data from May 31, 2023[1]. - The Company reported a net revenue of $41,060, an increase of 25% or $8,275 from Q3 Fiscal 2023's $32,785, primarily driven by a $7,265 increase in recreational cannabis revenue[26]. - The gross margin before fair value adjustments for Q3 Fiscal 2024 was $13,887, representing 34% of net revenue, compared to $496 or 2% in the prior year, reflecting improved operating efficiencies[30]. - Adjusted EBITDA for Q3 Fiscal 2024 was $3,465, a significant increase of $6,379 from an adjusted EBITDA loss of $2,914 in Q3 Fiscal 2023[42]. - The Company achieved a net income of $2,818 in Q3 Fiscal 2024, a substantial improvement from a net loss of $213,451 in Q3 Fiscal 2023, attributed to higher adjusted gross margins[42]. - Organigram's gross revenue for the nine months ended June 30, 2024, was $177.3 million, an increase of 9% from $162.2 million in the same period of 2023, reflecting a change of $15.1 million[77]. - Net revenue decreased slightly to $115.1 million for the nine months ended June 30, 2024, compared to $115.6 million in the prior year, primarily due to a decline in international and medical sales[78]. - Adjusted EBITDA improved significantly to $2.4 million for the nine months ended June 30, 2024, compared to a loss of $2.9 million in the same period of 2023[77]. Production and Harvesting - The Company harvested 21,420 kg of flower in Q3 Fiscal 2024, representing a 15% increase compared to Q3 Fiscal 2023[23]. - The Company achieved a 28% increase in yield per plant versus Q3 Fiscal 2023, and a 12.8% increase versus Q2 Fiscal 2024[23]. - The Company reduced the pre-vegetation state by seven days, increasing cultivation capacity by approximately 2% (~1,555 kg annually)[23]. - The Company expects to yield 31,244 kg of cannabis from its biological assets as of June 30, 2024, an increase from 26,917 kg as of September 30, 2023[132]. Market Position and Strategy - The SHRED brand produced over $200 million in annual retail sales as of the end of Q2 Fiscal 2024, securing the 3 market position[21]. - The Company holds the 1 market position in the hash category as of June 30, 2024, following the acquisition of the Lac-Supérieur Facility[21]. - Organigram is targeting international expansion with shipments of bulk cannabis to Germany, Australia, and the UK[24]. - The Company is focused on expanding its product offerings, including new cannabis formats and vapour products, to meet consumer demand[9]. - Organigram is pursuing EU-GMP certification, with expectations for successful completion of the audit and certification issuance[9]. Cost Management and Efficiency - Expectations for Fiscal 2024 include revenue growth, improved adjusted gross margin, and effective management of selling, general and administrative expenses[9]. - Cost of sales decreased to $27,173 in Q3 Fiscal 2024 from $32,289 in Q3 Fiscal 2023, primarily due to lower cost per unit and reduced inventory provisions[29]. - General and administrative expenses decreased to $9,700 in Q3 Fiscal 2024 from $14,483 in the prior year, mainly due to lower technology and insurance costs[32]. - Organigram expects to realize approximately $10 million in annual savings from operational efficiencies initiated in Fiscal 2024[52]. Investments and Financing - The company closed an offering on April 2, 2024, raising gross proceeds of $28.8 million by selling 8,901,000 units at a price of $3.23 per unit[39]. - Organigram announced a strategic investment of €14 million (~C$21 million) in Sanity Group, which includes a minority stake acquisition and an unsecured convertible note[46]. - The Company completed a Unit Offering on April 2, 2024, raising total gross proceeds of $28.8 million, with net proceeds of $26.3 million[107]. Risks and Challenges - The company is actively managing risks related to supply chain disruptions and regulatory changes impacting the cannabis industry[11]. - The Company is monitoring the impact of geopolitical events, such as the ongoing conflict in Israel, on its supply chain and market demand[9]. - The Israeli government has initiated an Anti-Dumping Investigation regarding the Company's cannabis exports, with a preliminary determination finding dumping by all Canadian exporters[167]. - The Company continues to monitor the impact of the Israel-Hamas war on its business operations and accounts receivable collections[168]. Internal Controls and Compliance - The Company has identified material weaknesses in internal control over financial reporting, which have not been remediated as of June 30, 2024[154]. - Management is committed to implementing changes to its internal controls, with ongoing remedial activities expected to continue throughout Fiscal 2024[156]. - The Company has engaged external audit specialists to assist in evaluating internal controls and designing remediation plans[157].

Company Performance - Organigram's stock is up 16 4% in 2024, outperforming the New Cannabis Ventures Global Cannabis Stock Index which gained 6 2% [1] - The company reported a 5% decline in Q2 revenue to C$37 6 million, with adjusted EBITDA at -C$1 million, worse than the expected zero [2] - Canadian adult-use revenue rose 21% to C$33 1 million, while international revenue plunged 80% to C$2 2 million [2] - The company has C$71 4 million in cash at the end of Q2, with a tangible book value of C$289 8 million, higher than its market cap of C$237 5 million [2] Financial Outlook - Analysts revised FY24 revenue expectations to C$151 million with adjusted EBITDA of -C$1 million, down from previous estimates of C$178 million and C$13 million respectively [3] - For FY25 and FY26, analysts project revenue of C$165 million and C$188 million, with adjusted EBITDA of C$5 million and C$18 million [3] - The adjusted EBITDA margin for FY26 is projected at 9 6%, lower than the previous assumption of 15 9% [3] Market and Industry Trends - Canadian cannabis sales in April were C$428 6 million, up 4 4% year-over-year, with Quebec sales soaring 26% to C$61 6 million [4] - High taxation in Canada remains a significant issue for the cannabis industry [4] - The stock has declined 93% since its peak in early 2021 and is down 7 3% over the past year, underperforming the NCV Global Cannabis Index which gained 11 8% [5] Valuation and Strategic Moves - Organigram trades at 0 8X tangible book value, which is better than Canopy Growth and Tilray Brands [6] - British American Tobacco (BTI) is increasing its stake in Organigram at a price higher than the current market price [8] - The company could potentially be acquired, and rescheduling in the United States might boost investor sentiment [8] Portfolio and Peer Comparison - Organigram is the largest position in the model portfolio at 19%, with Village Farms at 15 4% [6] - Since April 19th, Organigram has declined 9 6%, worse than the average decline of other LPs [6]

Organigram Holdings Inc. (NASDAQ:OGI) Q2 2024 Earnings Conference Call May 14, 2024 8:00 AM ET Company Participants Max Schwartz - Director, IR Beena Goldenberg - CEO Greg Guyatt - CFO Conference Call Participants Aaron Grey - Alliance Global Partners Matt Bottomley - Canaccord Genuity Frederico Gomes - ATB Capital Markets Operator Good morning. My name is Gilles, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Organigram Holdings Second Quarter Fiscal 2024 ...

INTRODUCTION This Management's Discussion and Analysis dated May 14, 2024 (this "MD&A"), should be read in conjunction with the unaudited condensed consolidated interim financial statements (the "Interim Financial Statements") of Organigram Holdings Inc. (the "Company" or "Organigram") for the three and six months ended March 31, 2024 ("Q2 Fiscal 2024") and the audited annual consolidated financial statements for the thirteen months ended September 30, 2023 (the "Annual Financial Statements" together with t ...

3 Marijuana Stocks To Buy Before Federal ReformThis week marijuana stock investors continue to keep their outlook on the sector in a favorable place. The cannabis industry is always changing and being able to take advantage of any market shift because of it is crucial. By now many who invest in and trade marijuana stocks know that the level of volatile trading makes it tough to gauge trading patterns. With how unpredictable patterns can be finding a way to keep a close watch and updated on news and events i ...

Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has OrganiGram (OGI) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.OrganiGram is one of 1051 companies in the Medical group. The Medical group currently sits at #4 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks ...

Organigram Holdings Inc. (NASDAQ:OGI) Q1 2024 Earnings Conference Call February 13, 2024 8:00 AM ET Company Participants Max Schwartz - Director, IR Beena Goldenberg - CEO Greg Guyatt - CFO Conference Call Participants Aaron Grey - Alliance Global Partners Federico Gomes - ATB Capital Markets Yewon Kang - Canaccord Genuity Operator Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Organigram Holdings First Quarter Fiscal 2024 E ...

INTRODUCTION In May 2023, to better align the Company's financial statement reporting requirements with other public companies and calendar quarters, the Company's Board of Directors approved a change in the Company's fiscal year end from August 31 to September 30. In this MD&A, references to "Fiscal 2023" are to the 13-month period from September 1, 2022 through September 30, 2023. Fiscal 2024 commenced on October 1, 2023 and continues through September 30, 2024. As a result of the change in year end, the ...

Beena Goldenberg Thank you, and good morning, everyone. With me today is our Chief Commercial Officer, Tim Emberg; and Chief Strategy Officer and Interim Chief Financial Officer, Paolo De Luca. By way of reminder, Paolo served as the company's CFO for over two years, including calendar 2018 and 2019. I'd like to take a moment to thank Derrick West for his contributions to Organigram in his time as our Chief Financial Officer. All of us at Organigram wish him the best of luck as he takes time to focus on his ...

Organigram Holdings Inc. (NASDAQ:OGI) Q3 2023 Earnings Conference Call July 14, 2023 8:00 AM ET Company Participants Max Schwartz - Director, IR Beena Goldenberg - CEO Tim Emberg - Chief Commercial Officer Derrick West - CFO Conference Call Participants Tamy Chen - BMO Frederico Gomes - ATB Capital Markets Aaron Grey - Alliance Global Partners Andrew Partheniou - Stifel GMP Ty Collin - Eight Capital Operator Good morning. My name is Rob, and I will be your conference operator today. At this time, I would li ...