Aurora Cannabis (NYSE: ACB) released its 2021 fiscal second quarter earnings report on Thursday afternoon. Here’s what we learned:
- Total net cannabis revenue fluctuated by $ 70.3 million, excluding provisions of $ 2.7 million
- This represents an 11% increase over the second quarter of 2020
- Net medical cannabis revenue reached $ 38.9 million – a 42% increase over the second quarter of 2020
- This jump was due to a 562% increase in high margin international medical sales
- Aurora experienced an adjusted EBITDA loss of $ 12.1 million
- That’s an improvement of $ 53.1 million over the second quarter of 2020
- The company reported an improvement in money use by more than 74% compared to the second quarter of 2020
As of February 10, the Edmonton, Canada-based cannabis producer had about $ 565 million in cash. To achieve profitability, Aurora is expected to partner with “governmental and non-governmental consumer sales channels”.
Long-term profitability: The current loss in EBITDA was “triggered by several decisions” that Aurora made to reinforce long-term profitability. Remember last year, when Aurora laid off more than 1,200 of its employees in an effort to improve the balance sheet.
The company, under the leadership of CEO Miguel Martin, recently closed its activities at its Aurora Sun facility and opted to reduce production at its main Aurora Sky facility by 75%.
And last month, Aurora cut sales people after choosing Great North Distributors for its sales representatives in the Canadian recreational cannabis market.
The stock closed down 23% to $ 14.47, after a large increase earlier in the week.
Courtesy image
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.