Aurora Cannabis reports Q1 net loss of $51.9M as consumer pot net revenues fall 28%
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EDMONTON – Aurora Cannabis Inc. recorded a $51.9 million net loss in its most recent quarter as its consumer pot net revenue fell 28 per cent from a year ago.
The Edmonton cannabis company says its first-quarter performance compared with a net loss of $11.9 million for the same period in the prior year.
Its adjusted earnings before interest, taxes, depreciation and amortization for the period ended Sept. 30 totalled $8.7 million compared with $11 million a year ago.
The company says its consumer cannabis net revenue amounted to $13.7 million, up from $12.6 million in its prior quarter, but down from $19.1 million in the first quarter of last year.
Aurora attributed the increase in net revenue to the quarter encompassing earnings from Thrive, a premium pot company it bought in March.
However, it said the Thrive earnings were partially offset by supply and ordering disruptions from a cyberattack at the Ontario Cannabis Store and store closures due to an employee strike at BC Cannabis Stores.
This report by The Canadian Press was first published Nov. 10, 2022.
Companies in this story: (TSX:ACB)