Aurora Cannabis Says Q3 Net Revenue Is Up As CEO Touts 'Cost Savings'

Aurora Cannabis Inc. ACB announced Thursday that net revenue in its fiscal third quarter rose 18% quarter-over-quarter. 

The Edmonton, Canada-based company touted net revenue of $78.4 million, excluding provisions of $2.9 million. That's an increase of 18% over the prior quarter.

Net revenue for consumer cannabis was $41.5 million — a 24% increase over the prior quarter.

"I am incredibly proud of the Aurora team for working through these challenging times in order to maintain uninterrupted operations at all of our production facilities and ensure we continue to meet the needs of our patients and consumers," Michael Singer, executive chairman and interim CEO of Aurora, said in a statement.

"I am also pleased that our third quarter 2020 financial results were in-line with our expectations, and that we remain firmly on track with the cost-savings and capex goals we detailed during our business transformation plan in February 2020."

Capital expenditures including intangible assets were approximately $73.7 million.

The cash used in the third quarter decreased by over $118 million from the previous quarter and is expected to fall further in coming quarters, according to Aurora. 

Production was reported to reach 36,207 kilograms, with a reduced cost of production from 88 cents per gram to 85 cents per gram. 

Adjusted EBITDA, excluding one-time termination costs associated with Aurora's "business transformation plan," was a loss of $45.9 million in third quarter, an improvement of $34.4 million from the prior quarter adjusted EBITDA of $80.3 million.

Lead image by Ilona Szentivanyi. Copyright: Benzinga.