Edmonton, Alberta-based Aurora Cannabis saw its net loss improve to 11.8 million Canadian dollars ($9.5 million) in its quarter ended Sept. 30 on growing sales of medical marijuana, according to the company’s first-quarter results released Tuesday.
Adjusted EBITDA, a measure of profitability, was negative CA$12.1 million in the July-September period, an improvement over the CA$19.7 million loss in the previous quarter.
Recreational cannabis sales continued to be weak.
In Aurora’s first quarter of fiscal 2022, the company’s adult-use net revenue amounted to only CA$19.1 million, or about half its recreational sales in mid-2020.
On the other hand, medical sales improved to CA$41 million in the first quarter, up 23% from the previous year’s Q1.
In a statement released with the financials, CEO Miguel Martin said the company’s transformation plan is on track.
“We continue to strengthen and transform our business while benefiting from broad diversification across our international medical, domestic medical, and adult recreational segments,” he said.
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Aurora said it has identified savings worth up to CA$80 million, of which it has already achieved more than CA$33 million in savings.
Previously, Aurora said it planned to cut 8% of its 1,643-person workforce.
In a statement to MJBizDaily, a spokesperson for the company said those changes will be rolled out through spring 2022.
Aurora expects some of those employees to move within the business.
For the months ended Sept. 30, 2021, Aurora’s revenue consisted of:
- CA$43.8 million in Canada.
- CA$15.9 million in Europe.
- CA$419,000 in other places not identified.
As of Sept. 30, Aurora had cash of CA$372.8 million.
Shares of Aurora trade as ACB on the Toronto Stock Exchange and the Nasdaq.
