: Aurora Cannabis reports bigger loss than expected, but execs stick with profit target

by | Nov 10, 2022 | Stock Market

Aurora Cannabis Inc. on Thursday reported a bigger quarterly loss and lower sales than expected, but the Canadian pot producer stuck with its target of hitting an adjusted measure of profit by the end of the year. Aurora
ACB,
+8.26%
reported a fiscal first-quarter net loss of C$51.9 million, compared with C$11.9 million in the same quarter last year and a massive C$618.8 million loss in the prior quarter. Aurora’s earnings release did not disclose per-share figures.

Total revenue came in at C$49.3 million, down slightly from the prior quarter and down from C$60.1 million in the prior-year quarter. Analysts polled by FactSet expected Aurora to lose C$33.7 million in the quarter, or 13 Canadian cents a share, on sales of C$52.6 million. The acquisition of Thrive Cannabis helped sales, Aurora executives said. But they noted a cyberattack at the online Ontario Cannabis Store, along with store closures due to a strike in British Columbia, acted as a counterweight. They also said the decrease from the prior year “was attributable to a reduction in the volumes sold of discount, low-margin brands, and replaced with premium higher-margin brands.” Management said it still expected reach a positive adjusted EBITDA by Dec. 31. Adjusted EBITDA — or earnings before interest, taxes, depreciation and amortization — is the cannabis industry’s preferred, and more generous, profit metric. The company said it finished the quarter with ar …

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