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What You Need To Know About Aurora Cannabis’ Earnings Report

Feb 15, 2023 • 8:33 AM EST
6 MIN READ  •  By Michael Berger
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Last week, Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) reported second quarter financial results and received a mixed reaction from the market.

Although Aurora Cannabis issued several positive updates from the quarter, the cannabis sector has recently come under pressure and we believe this impacted the company.

Today, we have highlighted 4 key takeaways from Aurora Cannabis’ earnings report and believe our readers should be aware of these developments:

  1. During the quarter, Aurora Cannabis recorded a $67.2 million net loss on $61.7 million of revenue. When compared to the same period last year, the company recorded a larger net loss and higher revenues. The management team attributed the higher revenue to growth across all cannabis business segments and a full quarter contribution of $6.6 million from Bevo (which was acquired in August 2022). The company attributed the higher net loss to a larger gross loss and an impairment of property, plant and equipment.
  2. International markets are starting to have a larger impact on Aurora Cannabis’ business and we are favorable on this aspect of the story. Although total medical cannabis sales in Canada declined on a year-over-year basis, international markets were a bright spot for the company. During the quarter, the company recorded an increase in net medical cannabis revenue from international markets and attributed the growth to international export markets such as Australia, Poland, the United Kingdom (UK), and Cayman Islands.
  3. Adjusted EBITDA is a key metric for Aurora Cannabis as the management team is highly focused on becoming a profitable business. During the quarter, the company recorded $1.4 million of positive Adjusted EBITDA1. During the prior quarter, Aurora Cannabis recorded an Adjusted EBITDA loss of $7.4 million. The management team attributes the improvement to lower selling, general and administrative (SG&A) expenses and this is a metric that we are highly focused on.
  4. According to the management team, Aurora Cannabis has one of the strongest balance sheets in the Canadian cannabis industry. As of February 8th, the company reported to have approximately $310 million of cash, including $65 million of restricted cash. Aurora Cannabis is highly focused on raising capital and we consider this to be an important aspect of the story

During the last year, Aurora Cannabis has been under considerable pressure and we continue to have a cautiously optimistic outlook on the business. Although we are favorable on the company reporting positive adjusted EBITDA, the business needs to be able to consistently generate a profit. Going forward, we want to see if Aurora Cannabis can continue to report positive adjusted EBITDA and our readers should keep an eye on this metric.

If you are interested in learning more about Aurora Cannabis, please send an email to support@technical420.com with the subject “Aurora Cannabis Earnings Highlights” to be added to our distribution list.

 

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Any Content posted regarding a Profiled Issuer is not a solicitation or recommendation to buy, sell or hold securities. We cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. All information should be independently verified. We are not responsible for errors or omissions in our publications, and any opinions expressed are subject to change, without notice. We do not, nor are we under any obligation to undertake due diligence or investigation or authenticate and verify whatsoever regarding Profiled Issuers or any Content posted in relation thereto and we do not receive any verification from the Profiled Issuer regarding the Content we disseminate. Similarly, while we endeavor to facilitate the provision of quality information, we are not responsible for any loss or damages caused or alleged to have been caused by its use nor verify or authenticate or update such information.

This article contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, state, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws

 

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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