Advertisement

Aurora Cannabis loses over $237M in Q2 even as revenues surge

Cannabis seedlings are shown at an Aurora Cannabis facility, Friday, November 24, 2017 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

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.

READ MORE: Aurora Cannabis buying Whistler Medical Marijuana in deal worth up to $175M

Watch below: Vinesh Pratap got a look inside the Aurora Sky cannabis supplier facility in Edmonton. (Aired Oct. 9, 2018.)

Click to play video: 'Behind-the-scenes tour of Aurora Sky' Behind-the-scenes tour of Aurora Sky
Behind-the-scenes tour of Aurora Sky – 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.

Story continues below advertisement

Aurora’s average net selling price for dried cannabis was $6.23 per gram and $10 per gram for cannabis extracts.

READ MORE: Aurora Cannabis to acquire Mexican company following partnership deal

Sponsored content