Aurora Posts Q2 Earnings, Touts 562% Spike In 'International Medical' Cannabis Sales
- Total cannabis net revenue hovered $70.3 million, excluding provisions of $2.7 million
- That's up 11% over the second quarter of 2020
- Medical cannabis net revenue reached $38.9 million — up 42% versus the second quarter of 2020
- That jump was due to a 562% increase in high margin international medical sales
- Aurora experienced an adjusted EBITDA loss of $12.1 million
- That's an improvement of $53.1 million over the second quarter of 2020
- The company reported improved cash use by more than 74% compared to the second quarter of 2020
As of Feb. 10, the Edmonton, Canada-based cannabis producer has about $565 million in cash on hand. To reach profitability, Aurora is expected to partner with "third party government and non-government consumer sales channels."
Long-Term Profitability: The current loss in EBITDA was "triggered by several decisions" Aurora made to bolster long-term profitability. Recall last year when Aurora let go of more than 1200 of its employees in an effort to improve the balance sheet.
The company, under the helm of CEO Miguel Martin, recently closed activities at its Aurora Sun facility and opted to reduce the production at its flagship Aurora Sky facility by 75%.
And last month, Aurora cut sales staff after picking Great North Distributors for its sales representatives in the Canadian recreational cannabis market.
The stock closed down 23% at $14.47 following a big runup earlier in the week.
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