Aurora Cannabis reports revenue of CA$99 million, a 418% jump

Alberta-based Aurora Cannabis reported net revenue of 99 million Canadian dollars ($75 million) in its most recent quarter, a 418% increase from CA$19 million in the same quarter last year.

However,  international sales amounted to only CA$4 million in Aurora’s fiscal fourth quarter, which ended June 30.

Aurora saw improvements across the board in its most recent quarter, including in the medical cannabis sector.

The company’s medical cannabis patient base grew to 89,700 active registered patients – or about a quarter of Canada’s 364,000 patients.

That helped boost the company’s medical cannabis sales by 12% to almost CA$30 million.

By comparison, rival Canopy Growth’s active registered patient list dropped to 70,900 in its latest quarter on medical cannabis revenue of CA$13 million.

Aurora continued to make strides in the adult-use market.

The company reported Canadian consumer revenue of CA$45 million, up 52% from the company’s fiscal third quarter.

Production volume – a key indicator of how well the company is scaling up – grew to 29,034 kilograms (64,009 pounds), an increase of 86% over the previous quarter.

Aurora’s adjusted EBITDA loss of CA$11.7 million is an improvement over the previous quarter’s CA$36 million loss.

In its regulatory filing, Aurora noted that it continues to track toward positive adjusted EBITDA:

“While profitability remains a very important target for Aurora, we expect that the inherent volatility of revenue ramp-up in the developing cannabis industry, and the necessary investment to develop and manufacture new products for the Canadian consumer market, may result in near-term challenges to achieving positive adjusted EBITDA.”

The company’s net loss in the latest quarter was CA$2.3 million.

Aurora’s international sales rose only CA$500,000 in the quarter and now makes up 5% of the company’s net revenue.

However, where Aurora previously cited “supply shortages for export,” the company now claims “supply shortages in Europe.”

“While we continue to expand our business into international markets, we have faced supply shortages in Europe,” according to the filing.

“Our ability to allocate more product to international markets in 2019 is increasing significantly as we continue to develop our international infrastructure and distribution channels as more of our facilities become European Union Good Manufacturing Practice certified.”

Aurora’s shares trade as ACB on the New York Stock Exchange and the Toronto Stock Exchange.

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