Aphria Inc. (NYSE: APHA TSX: APHA) reported fourth quarter 2019 results after the bell. Aphria stock surged about 20% in the extended trading hours. The company reported an adjusted net loss of C$50.2 million, or C$0.02 per share for the recently ended quarter.

Aphria (APHA) Q4 2019 earnings results

GAAP net income was C$15.8 million or C$0.05 per share, compared to net loss of C$5 million or C$0.04 per share for the same period last year. Net revenue soared 969% year-over-year to C$128.6 million in the fourth quarter.

Revenue for adult-use cannabis of C$18.5 million was up 158% from third quarter of 2019. Net revenue includes over 3,228 kilogram equivalents sold for the adult-use market and 1,417 kilogram equivalents for medical cannabis sales.

The company sold 5,574 kilograms of weed in the final quarter of fiscal 2019 compared to 2,636.5 kilograms solid in the same quarter a year ago. Aphria added that it is on-track for annual production capacity of 255,000 kilograms when all of its facilities are fully licensed.

Related: HEXO Corp (HEXO) disappoints in Q3 2019

For fiscal year 2020, Aphria expects revenue to be between C$650 million and C$700 million, with distribution revenue representing slightly more than half of the total revenue. Adjusted EBITDA is expected to be in the range of C$88 million to C$95 million.

“Our team’s solid execution across key areas of our business resulted in strong adult-use revenue growth and a profitable fourth quarter. Over the last six months, our organization identified immediate priorities to help generate substantial progress near-term and long-term,” said interim CEO Irwin Simon.

Shares of Aphria opened in the negative territory at $5.35 today and reached a day’s low of $5.05 after President Trump tweeted that the US will start the additional tariff of 10% from September 1 on the remaining $300 billion of goods and products coming from China into the US. 

Read: Aurora Cannabis’ net loss widens in Q3 2019 

The troubled cannabis producer has been functioning without a permanent chief executive after Vic Neufeld stepped down as CEO earlier this year.

Aphria stock, which plunged to a yearly low in December last year, had dropped 10% since the beginning of 2019. The stock ended today’s regular trading session down 3.35% at $5.20 on NYSE.

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