Aurora’s Revenues Rise Despite Challenging Market
June 20, 2023Edmonton, Alberta-based Aurora Cannabis saw revenue grow slightly to C$64 million ($48m) in the three months through March, up from C$61.7 million ($47m) the quarter prior. Medical cannabis accounted for C$38 million of that total, down 3% sequentially, delivering 59% of Aurora’s revenue for the quarter and 75% of adjusted gross profit. Recreational cannabis revenue was flat at C$14.5 million, “despite the significant structural challenges of the Canadian adult use market,” the company said. Aurora logged a net loss of C$87 million in the quarter, up from $67.2 million in the prior reporting period. Nonetheless the company managed to eke out a positive adjusted EBITDA of C$0.3 million.
“We are proud to have delivered our second sequential quarter of positive adjusted EBITDA in Q3 2023, demonstrating our commitment to financial discipline,” said CEO Miguel Martin. “Over the last three years, our ongoing business transformation initiatives have delivered $400 million in annualized cost savings that have significantly reduced cash used in operating activities. This impressive improvement is the launching point for the initiatives that will support our drive to our new financial target of positive free cash flow by end of calendar year 2024.—Danny Sullivan
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