Aurora Cannabis Inc. shares fell 4% in premarket trade Thursday, after the Canadian cannabis company posted its fiscal second-quarter earnings, but declined to offer any details of its net losses. The company was expected to reveal a loss of about C$1 billion ($750 million) thanks to goodwill and asset-impairment charges that it disclosed last week. On Thursday, the company said it had net cannabis revenue excluding provisions of C$63.2 million, in line with guidance of C$62 million to C$66 million for the quarter, net of excise taxes. The guidance was part of a major overhaul of operations that included the departure of former CEO Terry Booth, cost and job cuts and the asset impairment charges. The company said average net selling prices for cannabis, including provisions, fell to C$5.54 per gram from C$5.68 in the prior quarter. Aurora produced 30,691 kilograms of cannabis in the quarter, compared to 41,436 kilograms in the prior quarter. Looking ahead, "Aurora reiterates its outlook for fiscal third quarter that cannabis revenue will be impacted by previously mentioned industry headwinds, and as such will likely show modest to no growth relative to fiscal Q2's cannabis revenue, excluding provisions, of approximately $65 million," the company said. Shares have fallen 80% in the last 12 months, while the ETFMG Alternative Harvest ETF has fallen 55% and the S&P 500 has gained 23%. Read More...
Aurora Cannabis Inc. shares fell 4% in premarket trade Thursday, after the Canadian cannabis company posted its fiscal second-quarter earnings, but declined to offer any details of its net losses. The company was expected to reveal a loss of about C$1 billion ($750 million) thanks to goodwill and asset-impairment charges that it disclosed last week. On Thursday, the company said it had net cannabis revenue excluding provisions of C$63.2 million, in line with guidance of C$62 million to C$66 million for the quarter, net of excise taxes. The guidance was part of a major overhaul of operations that included the departure of former CEO Terry Booth, cost and job cuts and the asset impairment charges. The company said average net selling prices for cannabis, including provisions, fell to C$5.54 per gram from C$5.68 in the prior quarter. Aurora produced 30,691 kilograms of cannabis in the quarter, compared to 41,436 kilograms in the prior quarter. Looking ahead, “Aurora reiterates its outlook for fiscal third quarter that cannabis revenue will be impacted by previously mentioned industry headwinds, and as such will likely show modest to no growth relative to fiscal Q2’s cannabis revenue, excluding provisions, of approximately $65 million,” the company said. Shares have fallen 80% in the last 12 months, while the ETFMG Alternative Harvest ETF has fallen 55% and the S&P 500 has gained 23%.
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