Aurora Cannabis reported $67.4 million in net revenue for the three months ending March 31, 2024, but a $20.8 million net loss.
The net revenue represented a 5% year-over-year increase, while the net loss represents a $66 million increase in net revenue from the $86.8 million loss for the same three months in 2023.
Aurora’s loss from operations ($2.7 million) also declined significantly in the three months ending March 31, 2024, compared to the previous three months ending December 31, 2023, with a loss from operations of $18 million and $31.1 million in the three months ending March 31, 2023.
Of Aurora’s $67.4 million in net revenue, $45.6 million was from sales of cannabis for medical purposes, while $10.2 was from sales of cannabis for non-medical (“consumer”) purposes. Another $10.4 million in net revenue was from plant propagation (from its non-cannabis “Bevo” operation).
Net revenue from medical sales was up 20% from the three months ending March 31, 2023, while net revenue from “consumer” cannabis was down 29% compared to the three months ending March 31, 2023. Plant propagation revenue was down 3% from the first three months 2023.
Aurora’s average net selling price of dried cannabis, excluding bulk sales, was $5.37, with 15,179 kg sold in the first three months of 2024. The average selling price increased from $4.74 in the first three months of 2023 when the company sold 16,578 kg of cannabis.
Of the $45.6 million in medical cannabis sales, $26.5 million was from sales in Canada, while $19.2 million was in international sales. Aurora also reported $1.1 million in net revenue for wholesale bulk cannabis. While Canadian medical cannabis sales declined slightly (by $652,000) compared to the first three months of 2023, international sales increased slightly (by $86,000).
Aurora attributes the increase in international sales partly to the current year, consisting of four quarters compared to three quarters in the prior year, as well as “significantly” higher sales to Australia and “improved” sales to Poland and the United Kingdom. Aurora’s main medical markets are Canada, Germany, the UK, Poland, and Australia.
On February 7, 2024, Aurora Cannabis acquired Indica Industries Pty Ltd. (Australia), giving them full control of the Indica operations for a purchase price of $44.7 million.
In March, Aurora became one of the first Canadian cannabis companies to receive European Union Good Manufacturing Practice (“EU GMP”) certification from Australia’s Therapeutic Goods Administration (TGA) for its Canadian production facilities, River and Ridge.
“We are incredibly pleased to be reporting our strongest fiscal year ever at Aurora,” said CEO Miguel Martin. “Total fiscal year 2024 net revenue increased 21% compared to the trailing four quarters, while adjusted EBITDA was positive on an annualized basis for the first time in our history, reaching $12.8 million. We also strengthened our balance sheet, ending with a strong net cash position of approximately $180 million as of March 31st, and fully repaid our convertible debt.”
