Aurora Cannabis Inc. lost $237.7 million in the second quarter of its fiscal year even though net revenues surged to $54.2 million as sales of cannabis by weight increased six-fold.
The Edmonton-based company says that the loss attributable to common shareholders equalled 25 cents per diluted share, compared with a profit of two cents per share or $7.7 million a year earlier.
Net revenues for the three months ended Dec. 31 increased from $11.7 million in the second quarter of 2017.
The increase was driven by $21.6 million in consumer sales in Canada since recreational cannabis was legalized Oct. 17, and $26 million in Canadian and international medical marijuana sales. It produced 7,822 kilograms of marijuana and sold 6,999 kg.
Watch below: Vinesh Pratap got a look inside the Aurora Sky cannabis supplier facility in Edmonton. (Aired Oct. 9, 2018.)
The company was expected to lose $62.05 million or six cents per share on $51.84 million of revenues, according to analysts polled by Thomson Reuters Eikon.
Aurora’s average net selling price for dried cannabis was $6.23 per gram and $10 per gram for cannabis extracts.