Aurora Cannabis Inc. reported mixed fiscal third-quarter results on Thursday, with cannabis sales beating analyst expectations while the company trimmed costs in a long-stated goal of becoming profitable by the end of the year.
The Edmonton-based company said it made $75.5 million in revenue in the three-month period ending Mar. 31, up 35 per cent from the prior quarter, while its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came to a $50.9 million loss. Its net loss in the quarter came to $137.4 million in the quarter, an improvement from the $1.3 billion loss in the prior quarter.
Analysts expected Aurora to report $66.3 million in revenue in the quarter, according to Bloomberg data. The company was also expected to report a net loss of $75.9 million and an EBITDA loss of $38.3 million.
The company previously provided its forecast for the third quarter, saying domestic cannabis sales should be stable, with new "Cannabis 2.0" products accounting for roughly one-fifth of its recreational sales. Cannabis sales came to $69.6 million, an increase of 32 per cent from the prior quarter. It also took a $2.9-million write-down on cannabis product returns in the quarter, the company said.
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