Aurora Cannabis reported skyrocketing revenues alongside falling losses in Q1 of the 2024 fiscal year, seeing its stock price increase around 5%.
The Canadian cannabis giant published its financial results for the three months to June 30th late last week, reporting a total net revenue rise of nearly 50% year-on-year to C$75.1m.
It attributed this revenue spike to ‘growth in our global medical cannabis business’, which saw sales increase 14% year-on-year to C$41.6m, representing 55% of its total net revenues.
This in turn was largely driven by significant growth in its European business thanks to the ‘introduction of new proprietary high potency cultivars’, alongside higher volumes sold to Australia, which it called a ‘key export market’.
Aurora’s plant propagation arm Bevo, which it acquired in August last year, also saw record quarterly revenues of C$19.9m.
Meanwhile it recorded its ‘third sequential quarter of positive adjusted EBITDA’ of C$2.2m, up significantly from a loss of C$8.8m in the prior year quarter, which it attributed to the progress made by Bevo.
Despite the positive EBITDA, Aurora still posted a net loss of $28.3m, though once again this was a significant reduction on the $618.8m it reported a year earlier.
Looking ahead to the coming quarter, Aurora said it expects revenues to be ‘largely similar to Q1’ but with revenues even more weighted to international operations, while its propagation revenue will be significantly lower due to seasonal factors.
Miguel Martin, CEO of Aurora Cannabis told investors: “We have built a differentiated and growing business that is diversified across key global cannabis and non-cannabis platforms, and I am truly delighted with the strong performance across all our business units.
“Following the previously announced $40 million in annualised cost efficiencies in fiscal 2024, I believe we are in a strong position to grow and deliver profitable results to support our target of positive free cash flow.”