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Aurora Cannabis has recently become the darling of stock speculators and released Tuesday's results for its June quarter, which may not stifle the fervor surrounding its shares. The Edmonton, Alberta-based company said its fourth-quarter sales ended June 30 reached C $ 19.1 million ($ 14.7 million), while its profit net had reached $ 79.9 million. the same quarter a year ago.
During its 2018 fiscal year, Aurora Cannabis saw its revenues increase by 206% and its net income by C $ 71.9 million against a C $ 13 million loss in FY 2017.
Overall, the amount of cannabis produced by Aurora in 2018 increased by 85% to 5.6 million kilograms, while the quantity sold increased by 111% to 5 million kilograms, the company said. The average net selling price of dried cannabis rose 18% to C $ 7.65 per gram, while the price of cannabis oil fell 24% last year.
This figure could bode well for Aurora, which is preparing to list its shares on a major US stock exchange such as the Nasdaq or the New York Stock Exchange. In its publication of the results, the company reiterated these plans. Aurora said it would file a Form 40-F with the US Securities and Exchange Commission. This form is filed by Canadian companies wishing to list the shares in the United States. Currently, Aurora trades on the Toronto Stock Exchange and the US OTC market.
Other Canadian cannabis companies have listed their shares in US trade. Tilray is listed on the Nasdaq and the Canopy Group is listed on the New York Stock Exchange. Both stocks, like Aurora's open-market equities, have seen triple-digit gains since the summer.
US investors, however, can be cautious about Aurora's latest earnings report. The company says it posted a profit last quarter, not because its core business is profitable, but also because of an "unrealized, unrealized gain on derivatives and marketable securities."
Aurora did not indicate whether it posted operating income or operating loss. It may be necessary to wait for the company to file the necessary forms with the SEC. In the meantime, Aurora shares on the Toronto Stock Exchange are valued at C $ 12.2 billion, 220 times the 2018 sales and 175 times the net income. This can be high enough to put the most ardent cannabis lovers to bed.
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