Aurora Cannabis Inc. (NYSE: ACB) reported financial and operational results for the first quarter of fiscal 2021. The company reported cannabis net revenue of USD 67.8 Million with an adjusted gross margin of 48%. Adjusted EBITDA loss amounted to 57.9 Million that also include restructuring payments such as contract and employee termination costs of USD 47.4 Million. As of November 6th, 2020, the company’s cash balance was USD 250 Million.
“We continue to take the necessary steps to execute our plan and transform our business to achieve sustainable profitability, and ultimately positive cash flow,” stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. “Our Q1 2021 results are transitional but do highlight successes across a number of diverse profit pools. We remain the leader by revenue in the high-margin Canadian medical market, our international medical business experienced more than 40% net revenue growth this quarter, and our CBD brand Reliva is #1 ranked by Nielsen in the U.S. CBD sector.”
“While we are not satisfied with our past performance in the growing Canadian consumer business, we have a sense of urgency in the execution of our tactical plan to grow profitable market share. Our efforts are directed at delivering the highest quality products, refocusing on our leading premium and ultra-premium brands, better allocating our sales and marketing spend, and executing key account partnerships at both the province and retail levels.”
“We have also taken action to improve our liquidity and strengthen our balance sheet. It was a responsible decision to raise capital using our ATM in today’s environment and the cash is expected to ensure we have the runway needed to compete with our peers. Cannabis companies are being evaluated on both their business performance and liquidity and we wanted to ensure that we are addressing both. I remain confident in Aurora’s prospects and it is my utmost priority to secure our winning future.”