Aurora Cannabis (TSE: ACB) released its earnings report for the first quarter of the year (the company’s fiscal third quarter) and things continue to show upward movement. Aurora reported that its net revenue across all channels increased to $48.42 million and that its production volumes doubled quarter-over-quarter. In addition, its per-unit production costs went down, all of which gives the company the ability to deliver positive EBITDA (earnings before interest, taxes, depreciation and amortization) for the final fiscal quarter of the year.
According to the company, it enjoyed “solid revenue growth averaging 20% across all key markets, driven by successful scale-up of the Company’s production and continued strong performance across the Canadian consumer, and Canadian and International medical cannabis markets.” The Canadian consumer segment increased 37%, the Canadian medical segment by 8% and the international medical segment by 40%.
Aurora CEO Terry Booth stated, “I’m exceptionally proud of our company and team as Aurora continues to deliver on our domestic and international growth strategy. We achieved solid revenue growth and strong operating results in a quarter proven challenging across the industry. We are laser focused on building a long-term sustainable business. During the quarter, we formally welcomed Nelson Peltz a key strategic advisor. He has been incredibly engaged, collaborative, and strategically focused on assisting our pursuit of growth in global markets and with mature companies in adjacent industries.”
Aurora saw its per-gram production cost drop 26% quarter-over-quarter, thanks to the scale and efficiency of its new Aurora Sky facility. Production volume increased 99%, or 1,200 year-over-year, to 15,590kgs, most of which was realized in the second half of the quarter.
The company’s chief finance officer, Glen Ibbott, added, “Aurora is an extremely active and diversified company, leading the industry in cannabis research, product development, cultivation, global scale, and revenue growth. With a solid Q3 on all fronts, it’s time to move the yardsticks for the industry again. The company we have built with purpose through both organic growth and targeted acquisitions has provided a unique opportunity: continue to lead the industry in revenue growth while also progressing to positive operating earnings in the near term.”