Aurora Cannabis loses $238M in second quarter even as revenues surge

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Aurora Cannabis loses $238M in second quarter even as revenues surge

Aurora Cannabis Inc. lost $237.7 million in the second quarter of its fiscal year even though net revenues surged to $54.2 million as sales of cannabis by weight increased six-fold.

The Edmonton-based company says that the loss attributable to common shareholders equalled 25 cents per diluted share, compared with a profit of two cents per share or $7.7 million a year earlier.

Net revenues for the three months ended Dec. 31 increased from $11.7 million in the second quarter of 2017.

The increase was driven by $21.6 million in consumer sales in Canada since recreational cannabis was legalized Oct. 17, and $26 million in Canadian and international medical marijuana sales. It produced 7,822 kilograms of marijuana and sold 6,999 kg.

The company was expected to lose $62.05 million or six cents per share on $51.84 million of revenues, according to analysts polled by Thomson Reuters Eikon.

Aurora’s average net selling price for dried cannabis was $6.23 per gram and $10 per gram for cannabis extracts.


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