What happened Shares of Canadian cannabis company HEXO (NYSE: HEXO) jumped 10% on Monday morning after the company reported its first-quarter fiscal 2021 earnings. Shares settled back, and remain about 4% higher as of 10:10 a.m. EST. So what Though the company continued to report a net loss, its 41.3 million Canadian dollar gross revenue is a quarterly record, and a 114% increase from the previous-year period. HEXO continues to slowly advance toward profitability as its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) improved for the sixth straight quarter. Image source: Getty Images. HEXO said it maintained its top market share position for adult-use marijuana in Quebec, and it is also No. 1 overall in cannabis beverages, with a 54% jump in sales compared to the prior quarter. Now what This was the second full quarter for the company's Truss beverage joint venture with Molson Coors (NYSE: TAP). Truss supplies non-alcohol cannabis-infused beverages for the Canadian market. "We made extraordinary gains toward profitability this quarter," HEXO CEO and co-founder Sebastien St-Louis said in a statement. This included operating expenses that were down by almost half versus the year-ago period. The result was a net loss of CA$4.2 million for the quarter compared to CA$66 million for the 2019 period ended Oct. 31. Investors have been anticipating the improved results, with shares up almost 50% in the past three months. But year to date, the stock is still down 35%. The company is on the right path, but there is competition in the space and still a long way to overall profitability. Investors should monitor the progress on costs and EBITDA closely to see if the path to positive earnings per share continues. 10 stocks we like better than HEXO Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and HEXO Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends HEXO. The Motley Fool has a disclosure policy.Source