Aurora Cannabis Announces Fiscal 2023 Second Quarter Results

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Aurora Cannabis Announces Fiscal 2023 Second Quarter Results
11-Feb-23 05:00:37

  • Cannabis Revenues Up ~20% from Fiscal Q1 2023, Net Revenueof $61.7 Million
  • Achieves Positive Adjusted EBITDA1 in Line with Prior Guidance
  • Delivers ~$340 Million in Annualized Cost Savings Since February 2020
  • Balance Sheet Remains in Net Cash Position, Among Strongest in Industry; Debt Reduction of ~$302 Million in CY 2022

EDMONTON, AB, Feb. 9, 2023 /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today announced its financial and operational results for the fiscal second quarter ended December 31, 2022. As a reminder, Fiscal 2023 is comprised of three quarters ending March 31, 2023.

"We are pleased to have delivered on our commitment to achieve positive Adjusted EBITDA1 in Q2 2023, following a tremendous effort to realize approximately $340 million of total annualized savings since February 2020. We have right-sized our business while remaining the #1 Canadian LP in global medical cannabis revenues, and having demonstrated organic quarter over quarter revenue growth across all of our cannabis segments during Q2 2023. Additionally, our robust balance sheet remains in a net cash position which puts it among the strongest in the industry, and we continued to make significant strides in reducing our debt in the recent quarter," stated Miguel Martin, Chief Executive Officer of Aurora.

"Revenue growth in Q2 2023 was primarily driven by our unique, portable, and profitable international medical program. Our Canadian rec business also demonstrated sequential growth driven by significant product innovation, and our Canadian medical cannabis business continued to benefit from strong patient relationships and high barriers to entry. Q2 2023 also included the first full-quarter of results from our recent Bevo Agtech Inc. ("Bevo") acquisition, for which we anticipate an even higher top-line and Adjusted EBITDA1 contribution in Q3 2023 versus Q2 2023 due to the inherent seasonality of this business," he added.

"Looking ahead, we are focused on profitable growth opportunities across all segments, ongoing discipline in capital deployment, and our ability to generate positive operating cash flow as we continue to build value for shareholders," he concluded.