Aurora Cannabis Inc. is reporting 20 per cent higher revenue and a 33 per cent lower net loss for the first three months of 2019 compared with the last quarter of 2018.
The Edmonton-based company credited higher production and sales for a $158-million loss on net revenue of $65 million, compared with a loss of $238 million on revenue of $54 million in the prior quarter.
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Analysts had expected a net loss of $52.6 million on net revenue of $77 million in the quarter ended March 31, according to Thomson Reuters Eikon.
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Aurora says it nearly doubled production to 15,590 kilograms, with the majority of the volume harvested in the last half of the quarter.
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It says Canadian consumer revenue rose 37 per cent to $29.6 million, exceeding medical revenue of $29.1 million, which was up 12 per cent.
The cost per gram of dried product fell to $1.42 from $1.92 but the average net selling price was also down, to $6.40 from $6.80.
“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 CEO Terry Booth in a release.
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