- Aurora Cannabis (ACB) reported a net loss of $51.9 million in Q1 2023
- Net revenue for the quarter ended Sept. 30 was $49.3 million
- Aurora remains committed to achieving profitability by the end of this calendar year, alongside plans to save as much as $170 million in annualized cost savings
- Net medical cannabis revenue decreased 14 per cent from the previous quarter
- Adult-use cannabis revenue totalled $13.7 million, up 9 per cent from the previous quarter
- Aurora is a Canada-based cannabis company serving the medical and retail markets
- Aurora Cannabis (ACB) is up 15.82 per cent on the day, trading at C$2.05 per share
Aurora Cannabis (ACB) reported a net loss of $51.9 million in its first quarter of fiscal 2023.
“We are quickly approaching our positive Adjusted EBITDA goal and are on track to achieve up to $170 million in annualized cost savings by December 31, 2022, having already realized $140 million through Q1 2023. Our strengthened balance sheet and strong cash position have facilitated early repurchases of convertible debt of approximately US$160 million in 2022. Through profitable growth opportunities, particularly in our high-margin global medical cannabis business, where we remain the #1 Canadian LP in revenues, disciplined capital deployment, and the completion of our cost structure rationalization, we are well-positioned to enhance the long-term value of our differentiated global cannabis company,” stated Miguel Martin, Chief Executive Officer of Aurora.
“International medical cannabis net revenues were slightly uneven in Q1 2023, characteristic of rapidly developing markets. However, the long-term growth trajectory remains solid for our unique, portable, and profitable international medical program. We continue to identify areas of profitability and growth within the Canadian adult recreational segment, even in the face of a challenging environment. We are proud to have introduced a significant number of new products this fall that will benefit both our adult recreational customers and medical patients,” he added.
Net revenue for the quarter ended Sept. 30 was $49.3 million, down 2 per cent from the previous quarter and down 18 per cent from the same quarter a year before.
The company reported a $618.7 million loss in its previous quarter.
Aurora remains committed to achieving profitability by the end of this calendar year, alongside plans to save as much as $170 million in annualized cost savings by year’s end.
Aurora, which has refocused its business on medical marijuana, reported $31.6 million in medical cannabis net revenue for the quarter, accounting for nearly two-thirds of its consolidated net revenue. That figure includes $8.2 million of medical cannabis sold in countries other than Canada.
The company’s net medical cannabis revenue decreased 14 per cent from the previous quarter and decreased 23 per cent from the same quarter a year before.
Meanwhile, adult-use cannabis revenue totalled $13.7 million, up 9 per cent from the previous quarter and down 28 per cent from the same quarter a year before.
Aurora is a Canada-based cannabis company serving the medical and retail markets.
Aurora Cannabis (ACB) is up 15.82 per cent on the day, trading at C$2.05 per share.
