07:10 AM EST, 02/11/2025 (MT Newswires) -- Organigram Holdings ( OGI ) fell 6.4% in U.S. pre-market trading on Tuesday after saying its first-quarter net loss widened and revenue missed forecasts.

The net loss widened to $23 million, a 46% increase over last year's $15.8 million. The increase was mainly due to a higher fair value loss recognized in relation to top-up-rights of strategic investor British American Tobacco.

Net revenue, which rose 17%, to $42.7 million, missed analysts expectations of $47.9 million, according to FactSet. Revenue growth was primarily due to an increase in recreational cannabis and international sales, the company said.

Organigram ( OGI ), which acquired Motif Labs in December, said integration is progressing as planned. The company expects to realize over $10 million in annual run-rate synergies within the next two years.

The company's shares were last seen down US$0.11, to US$1.62, in New York trading.