Aurora Cannabis lost 695 million Canadian dollars ($550 million) in its fiscal year ended June 30, 2021, according to its year-end financial statements, an improvement over the CA$3.3 billion net loss the Alberta-based company reported in 2020.

The company’s net revenue for the year fell to CA$245.5 million, down from CA$279 million in 2020 as recreational cannabis sales fell.

Advertisement

By region, Aurora’s annual revenue came mostly from Canada (CA$211 million, for 86%) and the European Union (CA$30 million, for 5.4%).

Medical cannabis sales were a bright spot for Aurora.

Total medical cannabis net revenue for the year ended June 30, 2021, was CA$143 million, up from 2020’s CA$121 million.

However, the company’s woes in the adult-use market continued.

Aurora’s recreational cannabis net revenue for fiscal 2021 was C$100.4 million, a sizable drop from 2020’s CA$126.7 million.

By contrast, Canada’s overall recreational cannabis sales nearly doubled in the same period.

Aurora’s adjusted EBITDA, a measure of profitability, was a loss of CA$114.1 million for the year ended June 30, 2021.

In 2020, the adjusted EBITDA loss was CA$188.5 million.

“Aurora has a clear path forward to being adjusted-EBITDA positive for the first half of our next fiscal year through actions we control,” CFO Glen Ibbott said in a conference call with analysts and retail investors.

For the quarter ended June 30, 2021, adjusted EBITDA was a loss of CA$19.2 million.

Quarterly net sales were CA$54.8 million, a slight reduction from the previous three months.

Medical cannabis net revenue for the fourth quarter was CA$35 million, lower than the CA$38.8 million and CA$36.4 million in the second and third quarter, respectively.

In the fourth quarter, Aurora’s international medical marijuana revenue was CA$8.6 million, slightly lower than the previous quarter’s CA$9.4 million in overseas sales.

The cannabis producer sold 11,346 kilograms (25,014 pounds) of cannabis in the fourth quarter.

Aurora had cash of CA$421 million as of June 30, 2021.

Shares of Aurora trade as ACB on the Toronto Stock Exchange and the Nasdaq.