07:39 AM EDT, 05/14/2024 (MT Newswires) -- Organigram Holdings ( OGI ) , a licensed producer of cannabis, on Tuesday reported a fiscal second-quarter net loss of $27.1 million, more than triple the loss of $7.5 million a year earlier.

The average estimate of three analysts polled by Capital IQ was for a loss of $7.6 million.

The loss was mainly driven by lower unrealized gains on changes in the fair value of biological assets and a change in the fair value of derivative liabilities of $12.5 million, the company said.

Net revenue for the quarter ended March 31 fell 5% to $37.6 million, compared with $39.5 million a year earlier. Analysts surveyed by Capital IQ expected $38.3 million.

Adjusted EBITDA loss for fiscal Q2 was $1 million, as compared with an adjusted EBITDA of $5.6 million a year earlier.