Calyxt, Inc. (CLXT), a food and agriculture-related company; saw a surge within its share price on Friday, after CLXT stock released its financial results for second quarter. CLXT gained some 7.38%, and hence, the company’s share price soared up to $3.93. Currently, in the aftermarket, the company’s share price stands at $3.70, after decreasing some 5.85%.
CLXT stock Q2 financial results
On Friday, CLXT stock released the financial results for the second quarter of fiscal year 2021ended 30th June 2021. According to those results, the company generated revenue of $11.9 million during the quarter; an increase of 415% when compared with the equivalent period of 2020. The increase was due to the higher number of products sold during the quarter. Apart from that, the cost of goods sold during the quarter stood at $11.5, an increase of 117% when compared with the equivalent period of 2020. That increased cost of goods was generally due to the increase in commodity market prices. The net loss during the quarter was $4.8 million, as compared to $6.1 million during the second quarter of 2020. Net loss per share during the quarter was $0.20
Change in Top leadership
In mid-July, CLXT stock announced the appointment of Michael A. Carr as its President, effective from 27th July 2021. Michael Carr has experience of over 20 years in the fields of business, finance, and operational leadership. Before joining Calyxt, he was the Vice President of M&A, strategy, and innovation at Darling Ingredients Inc. Apart from that, on the first of May, Sarah Reiter was promoted to the post of Chief Business Officer (CBO), a newly created post by CLXT stock. Being a CBO, she would be responsible for corporate communications, product marketing as well as development and commercialization of products.
Expansion of hemp breeding platform
On the 8th of July, CLXT stock announced the expansion in its Hemp breeding platform. This expansion would come alongside the addition of Triploid breeding technology in the pursuit to create seedless hemps. This and other related developments depict the leadership of the company in modernizing the crop yield, said Chief Business Officer. Numerous advantages could be obtained from the seedless hemps in crop management and harvesting. Tripoid hemp could upgrade both the quality and yield of crops, said Chief Technology Officer, Travis Frey.
CLXT stock Q1 financial results
In early May, Calyxt announced the financial results for the first quarter of fiscal 2021, which ended March 31st, 2021. CLXT stock generated a revenue of $4.4 million during the quarter, which is an increase of 85% when compared with the first quarter of 2020. The cost of goods sold during quarter was $6.7 million, an increase 74% when compared with the cost of goods sold during first quarter of 2020. Apart from that, the net loss during the quarter stood at $10 million, an improvement of 9% when compared with the first quarter of 2020.
Future outlook for Catlyx
It seems that company would keep gaining its momentum during near future as well, which was badly hit due to COVID crisis. Due to the prevalence of COVID, CLXT stock financial conditions deteriorated, as evident from the financial results of all the first two quarters of 2020. But, as the government restrictions are coming to an end, the company’s business in again on track to achieve the success.
