Aurora Cannabis Inc.’s pot sales jumped as COVID-19 spread across the globe in the first three months of the year, and the company’s beleaguered and recently bundled shares received a jolt in after-hours trading Thursday.
Aurora reported a net loss of C$137.4 million, which amounts to C$1.37 a share, widening from C$160.2 million, or C$1.89 a share, in the year-ago period. Aurora reported losing C$1.43 billion in the nine months that ended in March.
The Alberta-based weed company said that third-quarter revenue, after subtracting excise taxes, rose to C$75.5 million from C$65.1 million in the year-ago quarter and C$56 million in the preceding quarter, with sales of recreational marijuana totalling C$41.5 million and medical pot C$31.9 million.
Analysts polled by FactSet had predicted revenue of C$66.7 million and a net loss of 77 cents a share.
Aurora ACB, +14.48% ACB, +10.97% shares jumped about 16.7% in the extended session immediately after the results were released, following a 14.5% gain to $6.64 in the regular session. The stock has lost 75% of its value this year, as the Cannabis ETF THCX, +2.50% , which tracks a basket of pot stocks, has fallen 35%.
Aurora completed a 12-for-1 share consolidation Monday, in response to a delisting threat from the New York Stock Exchange after its stock traded below $1. The move reduced its float from more than 1 billion shares to roughly 100 million shares.
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Aurora also announced that it planned to sell small batches of stock at market prices in order to raise money. The company has struggled to maintain a cash-rich balance sheet that rivals such as Canopy Growth Corp. CGC, +2.21% WEED, +1.99% and Cronos Group Inc. CRON, +2.06% CRON, +1.31% boast.
The company’s share price has tumbled as it failed to hit promised profit targets. Aurora jettisoned several top executives who had been with the company since close to its inception, leading to Michael Singer taking over as interim CEO.
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