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Aurora Hails ‘Strongest Fiscal Year to Date’ As Medical Cannabis Sales to Europe Bolster Balance Sheet

The Canadian cannabis giant Aurora Cannabis published its second quarter results last week, revealing a double-digit jump in revenues and record pre-tax profits.

In the three months to September 30, 2023, Aurora reported net revenues of C$63.4m, up 30% year-on-year.

This jump in revenues was attributed to ‘growth in (its) global medical cannabis business’, which saw sales increase 42% year-on-year to C$43.8m, representing 69% of the company’s consolidated net revenue and 85% of its adjusted gross profit.

The strong performance of its European medical cannabis business was reportedly due to ‘the new proprietary high potency cultivars, and higher volumes sold to Australia’.

Alongside the revenue growth, Aurora also reported an adjusted EBITDA of $3.4m, up from a loss of C$6.2m in the same period a year earlier, marking the company’s fourth consecutive quarter of positive adjusted EBITDA.

Over the quarter, Aurora’s net income from continuing operations was C$0.3m, which is a marked improvement on the C$45.5m net loss it reported during the same period a year earlier.

Miguel Martin, Chief Executive Officer of Aurora said: “We are also proceeding with capturing $40 million in annualized cost efficiencies during fiscal 2024, in addition to the approximate $400 million savings we delivered over the last three years. By executing on our plan to deliver top-line growth and increased profitability, we are moving closer to reaching our target of positive free cash flow in calendar year 2024.”

“Our balance sheet is in a strong net cash position to pursue profitable growth opportunities through M&A, and we will repay the remainder of our US$5.3million of convertible senior notes in February 2024. The combination of industry leading margins, a strong balance sheet and a proven track record of execution, point to Aurora’s best days laying squarely ahead.”

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