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Aurora Cannabis Posts Big Revenue Surge but Swings to a Loss

Aurora Cannabis Inc. (ACB) , the Canadian cannabis producer, posted a fiscal second-quarter loss of C$237.8 million on revenue of C$54.2 million, compared with year-earlier profit of C$7.7 million on revenue of C$11.7 million.

Two analysts surveyed by FactSet had expected the company to post revenue of C$51.8 million.

Losses in the latest quarter resulted largely from investments Aurora Cannabis made in other cannabis producers, the company said.

Shares of Aurora Cannabis fell 1.8% to $7.04 on Tuesday.

The company attributed the revenue surge to its launch in the Canadian consumer market, where it reported sales of C$21.6 million, and international medical markets.

Aurora Cannabis said it sold 6,999 kg of cannabis in the quarter. The company said it accounted for 20% of consumer sales in Canada.

Aurora Cannabis projected it will reach sustained positive EBITDA beginning in its fiscal fourth quarter.

Aurora is one of three Canadian Cannabis companies reporting earnings this week. Tilray Inc. (TLRY) is scheduled to report fourth-quarter results on Tuesday, while Canopy Growth Corp. (CGC) will issue third-quarter results on Thursday.

Full story is available here.

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