Neptune Wellness Solutions Inc. (NASDAQ:NEPT) fell 13% after announcing fiscal Q1 2022 financial results for the period ended June 30, 2021, and provided operating results. Revenue exceeded the previously announced Q1 range of $10 to $12 million and increased 83% quarter over quarter.
Revenue was $12.4 million relative to $11.2 million in Q1 2021. The company reported a net loss of $23 million compared to $11.4 million a year ago, and adjusted EBITDA loss was $15.9million relative to $2.5 million reported in Q1 2021.
CEO Michael Cammarata stated that the company exceeded its fiscal Q1 2021 revenue expectations with the 83% sequential increase attributed to the delivery of innovative products in various verticals and the expanded Sprout distribution. However, Cammarata stated that the management acknowledged that much needs to be done to optimize shareholder value. As a result, they asked the board to form a Strategic Review Committee to look into various options of accelerating Neptunes’ path to profitability. So in the coming weeks, NEPT is worth watching.
Market Reaction:
On Thursday, NEPT stock fell 13% at $0.69 with more than 4.02 million shares, compared to its average volume of 1.61 million shares. The stock has moved within a range of $0.6906 – 0.7990 after opening the trade at $0.79.
