Aurora Cannabis Inc. ACB reported Thursday second-quarter consolidated net revenue of CA$66.6 million ($50.21 million), 26% lower from CA$75.2 million in the first quarter.
The company also posted its quarterly cannabis net revenue of CA$63 million, which compares to CA$70.8 million in the previous quarter.
In the second quarter, Aurora had an adjusted EBITDA loss of CA$80.2 million, compared to CA$39.7 million in one quarter earlier. The company attributed the decline in adjusted EBITDA loss to the lower revenue, and higher production and SG&A expenses.
Furthermore, Aurora noted it's working on lowering SG&A costs to reach positive adjusted EBITDA in the future.
"Despite delivering modest growth in our core medical and consumer business in Q2, we took immediate and deliberate actions to align our Company to current market conditions," Michael Singer, Executive Chairman and Interim CEO said in a statement.
See Also: Aurora Cannabis Analyst Questions Whether Company Has Enough Cash To Last Through 2020
The company also reported on important strategic and operational changes it has made after the quarter ended, which include hiring Singer as interim CEO, expanding its board of directors, forming a new transformation strategy to minimize its expenses.
"The transformational actions we announced last week have already positively impacted SG&A expense and we are confident that our run-rate will be approximately $40 million - $45 million as we exit the fiscal fourth quarter of 2020. This is a very important step toward EBITDA profitability," said CFO Glen Ibbott.
The company reiterated its projections for the third quarter, estimating modest to no growth from second-quarter cannabis revenue.
Aurora's stock closed Wednesday's session at $1.46 per share.
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