Aurora Cannabis has posted C$75.23m in gross revenues for the three months to end of March, up 21% quarter-on-quarter.
The company’s net revenues in the period (calendar Q1, its fiscal Q3) stood at C$65.15m, up 20% quarter-on-quarter.
Its adjusted EBITDA loss was C$36.62m, narrowing 20% quarter-on-quarter.
As you can see in its full consolidated results below, acquisition-heavy Aurora’s operating loss reached C$77.62m in the three months, with a net loss of C$160.19m.
The firm said in a note to investors this week that it is on track towards achieving EBITDA positive results beginning in fiscal Q4 (calendar Q2) 2019 as ‘operations continue to ramp up’.
Aurora’s biggest stories in the past few months have included an array of acquisitions.
In March, it announced the buyout of Whistler Medical Marijuana Corporation. This was followed last month with a binding letter agreement with Hempco to acquire all of the issued and outstanding shares of the hemp company.
Plus, on April 24, Aurora acquired Chemi, an Ontario-based laboratory specializing in high quality analytics services for the pharmaceutical and cannabis industries.
Meanwhile, in February, Aurora announced the construction of Aurora Polaris, a 300,000 square foot international logistics hub and facility for the industrial-scale production of derivative cannabis products.
Plus, last month, Aurora was selected by the German Federal Institute for Drugs and Medical Devices as one of three winners in a public tender to cultivate and distribute medical cannabis in Germany.
Aurora scored highest across 11 of 13 tender lots and was allotted the maximum number given to any LP of five.
Other highlights from fiscal Q3 included the firm completing its first commercial export of cannabis oil to the United Kingdom in February. Under the new UK framework, specialist doctors can legally issue prescriptions for cannabis-based medicines when they agree that their patients could benefit from this treatment.
“I’m exceptionally proud of our company and team as Aurora continues to deliver on our domestic and international growth strategy.”
Terry Booth, Aurora
In the same month, Aurora expanded into Portugal by creating Aurora Portugal Lda. through an agreement to acquire a 51% ownership interest in Gaia Pharm Lda. Construction of an EU GMP compliant production cannabis facility is now underway in Portugal.
“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,” said Terry Booth, Aurora CEO (pictured, main).
“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.”
Glen Ibbott, CFO, 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.”Cannabis Business Worldwide