Aurora Cannabis Inc. saw a net revenue of $64.4 million and a net loss of $25.2 million in the third quarter of fiscal year 2024.
This represents an increase in revenue of $3.3 million and a decrease in net loss of $37.2 compared to the same period in the prior year.
Aurora attributes the decrease in net loss primarily to an increase in gross profit of $32.7 million and a reduction of operating expenses of $10.4 million, offset by an increase in other expenses of $5.9 million.
Adjusted gross profit before fair value adjustments was $32.4 million in Q3 2024, compared to $28.0 in the prior year quarter, an increase of 15.7%.
Revenue from sales of cannabis for medical purposes was the bulk of Aurora’s revenue at over $48 million. The company attributes this growth primarily to expansion of its export market in the most recently reported quarter.
Aurora also announced that one of its wholly owned subsidiaries has acquired the remaining approximately 90% equity interest of Indica Industries Pty Ltd (“MedReleaf Australia”). MedReleaf Australia holds the number two position in the Australian medical cannabis market.
“Fiscal 2024 is on track to be our strongest to date, driven by the continued strength of our differentiated business model and our focus on profitable global medical cannabis markets. Our international medical net revenue grew 41% year-over-year in Q3, demonstrating Aurora’s ability to meet diverse patient needs in markets across the world,” said Miguel Martin, Chief Executive Officer of Aurora, in a press release.
“The acquisition of MedReleaf Australia will make Aurora the largest global medical cannabis company in nationally legal markets and will allow us to leverage our success in providing pharmaceutical grade cannabis across 15 countries,” Martin added. “MedReleaf Australia is expected to be immediately accretive to Adjusted EBITDA, while accelerating our path to generate positive free cash flow this calendar year.”
Revenue from Aurora’s plant propagation program also increased compared to the same quarter in the previous year, from $6.6 million to $7.3 million.
Aurora has nearly $300 million in working capital and more than $112 million in biological assets, compared to more than $400 million in working capital and $93.7 million in biological assets in the same quarter of the previous year.