Organigram Holdings Inc. (OGI) today announced its financial results for the first quarter of fiscal 2022 ended November 30, 2021. The first-quarter results were a record-breaking achievement for OrganiGram, which was further strengthened by the addition of Laurentian’s premium products. By 2022, the company’s robust performance is expected to continue. The company is pleased with the progress that was made in improving operational efficiency and achieving a positive adjusted gross margin.
Last year the company made a revenue of about $19.3 million in the first half of 2021. This year it’s expected to rise more than 50% in collecting new revenue by the end of the quarter. The company’s gross margin improved to a positive result in Q1 of 2022, as compared to a negative result in the same period a year earlier. The company’s SG&A expenses grew by 21% to $12.6 million in Q1 of 2022, mainly due to the establishment of the Center of Excellence and the launch of the company’s gummy brands.