February 22nd, 2019

Aurora Cannabis loses $237.7 million in Q2 even as revenues surge


By The Canadian Press on February 11, 2019.

Cannabis seedlings are shown at an Aurora Cannabis facility, Friday, November 24, 2017 in Montreal. Aurora Cannabis Inc. lost $237.7 million in the second quarter of its fiscal year even though net revenues surged to $54.2 million as sales of cannabis increased five-fold. THE CANADIAN PRESS/Ryan Remiorz

EDMONTON – Aurora Cannabis Inc. lost $237.7 million in the second quarter of its fiscal year even though net revenues surged to $54.2 million as sales of cannabis by weight increased six-fold.

The Edmonton-based company says that the loss attributable to common shareholders equalled 25 cents per diluted share, compared with a profit of two cents per share or $7.7 million a year earlier.

Net revenues for the three months ended Dec. 31 increased from $11.7 million in the second quarter of 2017.

The increase was driven by $21.6 million in consumer sales in Canada since recreational cannabis was legalized Oct. 17, and $26 million in Canadian and international medical marijuana sales. It produced 7,822 kilograms of marijuana and sold 6,999 kg.

The company was expected to lose $62.05 million or six cents per share on $51.84 million of revenues, according to analysts polled by Thomson Reuters Eikon.

Aurora’s average net selling price for dried cannabis was $6.23 per gram and $10 per gram for cannabis extracts.

Companies in this story: (TSX:ACB)

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