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The losses of Aurora Cannabis Inc. both increased faster than expected in the third quarter of its fiscal year, according to a profit report released Tuesday night, which allowed its shares to decline about 2% after trading. .
Aurora based in Canada
CBA + 4.49%
CBA + 4.52%
in the third quarter of the year, losses of C $ 160.1 million, or 16 cents per share, against losses of C $ 20 million, or 4 cents per share, over the same period the previous year. Aurora's gross revenue was C $ 75.2 million, up from $ 16.1 million for the same period last year. After excluding excise taxes paid to the Canadian government, Aurora recorded net income of $ 65.2 million Canadian.
Analysts surveyed by FactSet expect an adjusted average fiscal third quarter loss of 5 cents per share on net proceeds of $ 67.6 million. For the fourth quarter of the year, analysts adjusted their average loss of 3 cents per share and net sales of C $ 119.4 million. The company said it lost $ 77.6 million in Canadian operations, nearly double what it had lost the year before.
Compared to the second fiscal quarter, when the company sold its first hobby pot in Canada, net revenues increased 20%.
Aurora's appetite for convertible debentures contributed to the company's losses. As Aurora's stock price rises, the company must re-evaluate the convertible debt in its books. During the third quarter of the fiscal year, this resulted in losses of 101.5 million Canadian dollars.
During the third quarter of the year, Aurora also reported depreciation charges of $ 9 million due to changes in "Assets supporting the production and sale of indoor growing systems" and in the decline in the value of "certain" permits and licenses.
Aurora announced that it sold $ 29.1 million worth of medical cannabis and $ 29.6 million worth of marijuana in the third fiscal quarter. Compared to the previous quarter, which was the first to include nearly three full months of legal pot sales in Canada for recreational purposes, Aurora increased revenue by 37%.
The company reported producing 15,590 kilograms of pot during the quarter and selling 9,160 kilograms. Aurora said it almost doubled its product because its new facilities in Alberta began operations and their facilities in Ontario expanded. The plant in Alberta, called Aurora Sky, is expected to produce 25,000 kilograms by the end of the fourth quarter of the year.
Aurora executives are scheduled to hold a teleconference to discuss the results report at 10:30 am EST Wednesday.
Aurora share rose 37% over the past year, the S & P 500 Index
SPX, + 0.80%
increased by 3.8%. Horizons Marijuana Life Sciences ETF
HMMJ, + 3.24%
14% last year and the ETFMG Alternative Harvest ETF
MJ + 2.37%
is up 8.7%.
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