Aurora Cannabis Inc. ACB ACB released its financial and operational results for the third quarter and fiscal year 2023 results. The company’s fiscal 2023 is comprised of three quarters ending March 31, 2023.
Q3 2023 Financial Highlights
Total net revenue was CA$64 million ($48 million), a 4% increase compared to the prior quarter net revenue of CA$61.7 million and a 27% increase compared to CA$50.4 million in the prior year period.
Net loss was CA$87 million compared to CA$67.2 million in the prior quarter,
Adjusted EBITDA was CA$310,000 for the three months ended March 31, 2023, as compared to CA$1.4 million in the prior quarter, and negative CA$10 million in the same quarter of 2022.
FY 2023 (9 months) Financial Highlights vs FY 2022 (12 months)
Net revenue was CA$175 million, a decrease of 21% compared to $221.3 million in FY 2022.
Gross profit was CA$775,000, a decrease of 96.3% compared to CA$21.2 million in FY 2022.
Net Loss was CA$206.3 million compared to CA$1.7 billion in FY 2022.
Adjusted EBITDA was negative CA$5.6 million compared to negative CA$41 million in FY 2022.
“We are proud to have delivered our second sequential quarter of positive Adjusted EBITDA in Q3 2023, demonstrating our commitment to financial discipline. Over the last three years, our ongoing business transformation initiatives have delivered ~CA$400 million in annualized cost savings that have significantly reduced cash used in operating activities. In fact, cash use continues to improve as evidenced by the reduction from CA$35.5 million in Q2 2023 to CA$15.1 million in Q3 2023, excluding working capital. This impressive improvement is the launching point for the initiatives that will support our drive to our new financial target of positive free cash flow by end of calendar year 2024,” stated Miguel Martin, CEO of Aurora.
Fiscal Q1 2024 Expectations
The company expects cannabis net revenue for fiscal Q1 2024 to be largely similar to fiscal Q3 2023, with the geographical mix slightly weighted towards the international medical segment. For plant propagation, the company expects to see a seasonally strong quarter as we reach our peak selling period. Furthermore, the company expects adjusted gross margins to be consistent with fiscal Q3 2023 and expects to maintain our stated objective of a quarterly SG&A expense run rate below CA$30 million.
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