The Financial Post reports in its Thursday edition that Aurora sold almost double the amount of cannabis and posted a 52-per-cent increase in net revenue in its latest fiscal quarter. The Post's Vanmala Subramaniam writes that for the period ending June 30, 2019 -- Aurora's fourth fiscal quarter -- the company sold 17,793 kilograms of cannabis to the recreational and medical markets, a sharp increase from 9,160 kilograms sold in the previous quarter.
The company's net revenue for this quarter was almost $99-million versus $65-million in the third fiscal quarter. The licensed producer had released a preview of its earnings in early July, which anticipated gross revenue to be in the $100-million to $107-million range.
Net revenue from the sale of medical cannabis made up almost $30-million of total revenue, while the recreational market earned the company $44-million.
Although its results were a vast improvement from its performance in the previous quarter, Aurora has yet to achieve profitability, posting an adjusted EBIDTA (earnings before interest, taxes, depreciation and amortization) loss of almost $12-million. Prior to their release, analysts were generally optimistic on the company's earnings this quarter.
© 2019 Canjex Publishing Ltd. All rights reserved.