Hexo April 30, 2019 “In Pictures”

Income Statement Drivers and Breakeven Sales: Sales dropped $420k. Gross Margin: Peer and Trends Gross Margin decreased 2$ to 49.5%, but remains in historic range. Gross Margin Larger Peer Group Hexo ranks 5th of 13 in Peer Group. SGA and SBC: Trend Analysis SGA spiked with Selling increasing from 36% to 39% of Sales, and G&A increasing from 61% to 81% of Sales.  Aggregate SGA increase to 120%.   Share Based Compensation also spiked from 40% to 63% of Sales. Aggregate increased from 135% to 183%. SGA and SBC: Peer Analysis Hexo tied for second worst in Peer Group  with Cronos, but remains in…

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Harvest One 1Q F2019 – March 31, 2019 “In Pictures”

Income Statement Drivers and Breakeven: Trend Sales decline 20% QoQ to $3.0 million. They had FG inventory (see “Gas in Tank”) of $2.8 million to start the Q, did they not have the “right type” of FG inventory??? Income Statement Drivers and Breakeven: Peers Gross Margin: Trend & Peers Gross Margin: Larger Peer Base SGA and SBC: Trend . SGA and SBC: Peer Breakeven Sales for +Net Operating Profit divided by Current Sales Breakeven Sales for +EBITDA divided by Current Sales “Gas in the Tank” FG dropping in face of a Sales drop means throughput wasn’t there. WIP double QoQ so something to keep…

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