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Shares of Aurora Cannabis Inc (NYSE:ACB) gained more than 5% Tuesday morning after the cannabis company guided certain financial metrics for the fourth quarter.
What Happened
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Aurora said it expects net revenues for the fiscal fourth quarter (ended June 30) to be between $100 million and $107 million (net of excise taxes). By comparison, the company collected $65.1 million in revenue during the preceding quarter and $19.1 million for the quarter ending June 30, 2018.
Revenue from cannabis sales is modeled to be between $90 million and $95 million. The company said it expects to show growth across all segments, including medical and consumer markets. Management also guided to sequential improvements in gross margins, kilograms of cannabis sold and cash costs per gram produced.
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Production available for sale for the fourth quarter is expected to come in near 30,000 kilograms, which is an improvement from management's prior guidance of 25,000 kilograms. Total revenue for the fiscal year is expected to be $249 million to $256 million.
Why It's Important
Aurora said its guidance update is part of a commitment to show leadership and transparency at a time when the cannabis sector experiences a period of volatility.
"We set out to be best-in-class cultivators, and through carefully evaluated acquisitions, that vision continues to drive exceptional results today," said Aurora CEO Terry Booth. " We are the leader in cultivation capacity, production available for sale and revenues for cannabis in the Canadian medical and consumer markets."
Aurora said it continues to make progress towards achieving positive adjusted EBITDA and adjusted EBITDA from cannabis operations. Full and official results will be released prior to Sept. 15.
The stock traded around $6.50 per share in Tuesday's pre-market session.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.