Aurora Cannabis Inc. reported a narrower net loss for its fourth quarter, with adjusted EBITDA showing substantial growth compared to the previous year. The Canadian medical cannabis company, which trades under the ticker symbols ACB and ACB.TO, disclosed its financial results on Wednesday.
In the pre-market trading on the Nasdaq, Aurora’s shares fell approximately 10.5%, reaching a value of $5.26. The company’s net loss from ongoing operations was $17.23 million, an improvement from the $20.33 million loss reported in the same quarter last year. Adjusted EBITDA surged 619%, climbing to $16.68 million from the prior year’s $2.32 million.
Aurora’s total net revenue reached $90.5 million, reflecting a 34% increase from $67.4 million in the previous year. This growth was driven by a 48% rise in the global medical cannabis sector and a 32% increase in its plant propagation business. However, this was slightly offset by a 20% decline in revenue from the consumer cannabis segment.
The increase in medical cannabis revenue was largely attributed to higher sales in international markets, particularly Australia, Germany, Poland, and the UK, along with a rise in Canadian sales to both insurance-covered and self-paying patients.
Looking forward to the first quarter, Aurora anticipates continued strong revenue from global cannabis operations, particularly in the Canadian medical market, albeit with some expected declines in certain international markets. The company projects that global cannabis revenues will be slightly lower sequentially. Despite this, Aurora expects to maintain a positive adjusted EBITDA, although it anticipates a decline compared to the fourth quarter due to reduced contributions from higher-margin international markets.
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