Aurora Cannabis Inc. ACB ACB announced its financial and operational results for the second quarter of fiscal year 2024, ending September 30, 2023, revealing a record positive adjusted EBITDA of CAD $3.4 million.
Miguel Martin, CEO of Aurora, stated: "This is our strongest fiscal year to date, led by robust net revenue growth in our high-margin medical cannabis segment, coupled with positive adjusted EBITDA for the fourth consecutive quarter."
See Also: Aurora Cannabis Takes Bold Step Towards Financial Recovery
Second Quarter 2024 Financial Highlights
- Consolidated Revenue and Adjusted Gross Profit: The company reported a 30% year-over-year increase in quarterly net revenue, reaching CAD 63.4 million as compared to CAD 48.6 million in the prior year period. This growth was primarily driven by a substantial 42% increase in the global medical cannabis segment.
- Consolidated adjusted gross margin before fair value (FV) adjustments was “51% in Q2 2024 (Q1 2023: 51%). Adjusted gross profit before FV adjustments was CAD $32.1 million in Q2 2024 (Q1 2023: $24.3 million), an increase of 32%,” per a press release.
- Net Income/Loss from continuing operations for the quarter was CAD $0.3 million, marking a significant improvement compared to the net loss of CAD $45.7 million in the same period the previous year.
- Adjusted EBITDA: Aurora reported positive adjusted EBITDA of $3.4 million for the quarter, representing a substantial improvement compared to the loss of CAD $6.2 million in the prior year period. According to the company, this “is primarily attributable to higher adjusted gross profits before fair value adjustments of CAD 7.7 million, and a reduction in adjusted SG&A and R&D expenses of CAD 2.1 million.
"We are experiencing the benefits of diversification across our cannabis and non-cannabis platforms characterized by stability in Canada, record revenue in Europe and Australia, and early success with our most recent acquisition, Bevo Farms," said Martin.
ACB Price Action
ACB shares Aurora's shares traded down 5.02% at $0.44 per share after the bell on Thursday.
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