Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) reported Tuesday that gross revenue decreased by 29% year-over-year to roughly CA$19.3 million ($15.4 million) in the second quarter of fiscal 2021.
Net revenue also declined over the same period, from CA$23.2 million to CA$14.6 million, the Moncton, New Brunswick-based company said in a statement.
The second-quarter results were "challenged by industry dynamics, COVID-19 and staffing limitations at our facility," CEO Greg Engel said in a statement.
Yet "there are excellent prospects ahead for the industry, Organigram and our shareholders," he added.
Organigram Financial Highlights
The second-quarter gross margin came in negative, at CA$17.2 million, representing a year-over-year decrease of 252% from the positive CA$11.3 million reported in the same quarter last year.