Aurora Cannabis Inc ACB shares were down Monday after the Canadian marijuana company reported its fiscal first-quarter results.
What Happened
Aurora's Q1 print marks the company's first as a NYSE-listed company.
The company said revenue rose more than 250 percent from a year ago to $29.7 million, $24.596 million if which was related to cannabis sales. Net income improved from $79.3 million in the fiscal fourth quarter to $104.2 million and was mostly due to unrealized non-cash gains on derivatives and marketable securities.
Why It's Important
Aurora said it ranked "top or among the top-selling" cannabis companies after legalization of cannabis in Canada for recreational usage took effect Oct. 17.
"Our initial roll-out success demonstrates how our high-quality Aurora Standard products and well-positioned brands have resonated strongly with the consumer market and our preparedness for the logistical challenges in effectively bringing our products to market," Aurora CEO Terry Booth said in a statement.
What's Next
Aurora said it realized "significant progress" toward boosting its production capacity in Q1 and is running at an annualized run rate of 70,000 kg. The company says it expects to increase its run rate to 150,000 kg by the beginning of calendar 2019, with expectations to scale up to 500,000 kg per year in the future.
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