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Aurora Cannabis shows increase in net revenue, finally reports net income

August 7, 2024 | Sarah Clark

Aurora Cannabis reported an increase in net revenue and net income in the three months ending July 30, 2024, driven by increased exports, domestic medical sales, and plant propagation sales.

The cannabis company reported $83.4 million in net revenue in the first quarter of 2025, a 12% increase from the previous quarter compared to $74.7 million in the same quarter in 2024.

The company also reported $5.1 million in net income, up from a $28.3 million loss in the same period last year and a $20.8 million loss in the previous quarter (Q4 2024).

Medical sales revenue was $47.2 million, a 13% year-over-year growth, while non-medical sales were $11.5 million, a 10% YOY decline.

Net revenue from wholesale bulk cannabis sales was $1.6 million, up from $371,000 in the same quarter in the previous year.

Aurora attributes its increase in medical cannabis sales in Canada as a result of additional product offerings to both insurance and non-insurance-covered patients.

The increase in exports was primarily due to increased sales to Australia. Aurora’s main medical markets are currently Canada, Germany, the UK, Poland, and Australia, as well as the Caribbean, South America and Israel. MedReleaf Australia is also seeking to expand sales into New Zealand.

Aurora is one of three active in-country producers of medical cannabis in Germany and recently received its production and R&D license under the new cannabis law. The company intends to use this facility to serve not only the German market but also all medical markets in Europe and any future opportunities for non-medical sales in the region. However, it says it has no current plans to expand production in Germany.

Aurora also reported a significant increase in revenue from plant propagation from its Bevo vegetable and ornamental plants operation in the former Aurora Sky facility in Edmonton, Alberta. Revenue from plant propagation brought in another $23 million, a 16% YOY increase and a 122% increase from the previous quarter. Aurora attributes these increases to the “seasonality” of the Bevo business, “which delivers higher revenue in the late winter and spring months as orders are fulfilled.”

The company reported $8.6 million in excise taxes from $91.9 million in revenue from sale of goods, $2.9 million from medical sales, and $5.7 million from non-medical “consumer” sales.

Aurora sells medical products under the brands CanniMed, +Aurora, MedReleaf, and WMMC. Non-medical brands include Greybeard, drift, San Rafael ’71, and Tasty’s.