Aurora Cannabis (NYSE: ACB) released its second-year fiscal earnings report on Thursday afternoon. This is what we learned:
- Total cannabis net income was $ 70.3 million, excluding the provision of $ 2.7 million
- It is 11% higher in the second quarter of 2020
- Net revenue from medical cannabis reached $ 38.9 million – 42% higher than in the second quarter of 2020
- The jump was due to a 562% increase in high-margin international medical sales
- Aurora suffered an adjusted EBITDA loss of $ 12.1 million
- This is an improvement of $ 53.1 million in the second quarter of 2020
- The company has improved cash usage by more than 74% compared to the second quarter of 2020
As of Feb. 10, the cannabis producer in Edmonton, Canada, has about $ 565 million in cash on hand. To achieve profitability, Aurora is expected to partner with third-party government and non-government consumer sales channels.
Long-term profitability: The current loss of EBITDA is “caused by several decisions” Aurora has taken to boost long-term profitability. Remember last year when Aurora laid off more than 1,200 of its employees in an effort to improve the balance sheet.
The company, led by CEO Miguel Martin, recently shut down operations at its Aurora Sun facility and decided to reduce production at its flagship Aurora Sky facility by 75%.
Last month, Aurora cut sales staff after selecting Great North Distributors for its sales representatives in the Canadian leisure market.
The stock closed 23% at $ 14.47 after a big run-up earlier in the week.
Thanks to image
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.