Aurora Cannabis Inc. (NYSE: ACB) has announced financial results for its second quarter of fiscal 2021 that ended December 31st, 2020. Total cannabis net revenue before provisions was USD 70.3 Million, a 11% rise over the second quarter and 2.5% sequentially. Consumer cannabis net revenue amounted to USD 28.6 Million, a 25% increase from the same period a year ago. Adjusted gross margin on consumer cannabis net revenue reached 27%. Medical cannabis net revenue summed up to USD 38.9 Million.
“Aurora had an excellent second quarter, and I’m pleased that we’re advancing nicely against the plan we laid out in September of 2020,” stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. “For the period, our core revenue strength in medical and consumer was complemented by initial rollouts in vape products and concentrates. Combined, these elements are part of the proven, regulated CPG strategy we’ve adopted. Adjusted EBITDA for the quarter, while vastly improved year over year, was impacted by several decisions that we believe will clear a path for our premium product focus and more variable cost model. We are confident that this will give Aurora maximum flexibility and position the organization to drive significant cashflow in the coming quarters.”
“To further support this strategy, we have also focused on improving our cash burn, margins and overall financial flexibility. To that point, our year over year cash use has decreased by 74% to $70.5 million, our normalized margins remain solid particularly in medical, and our recently amended credit facility gives Aurora much improved optionality as opportunities arise. Combined with $565 million in cash on our balance sheet today, Aurora will continue to be a long-term player in the global cannabinoid market and increasingly positioned to deliver for shareholders over the long run.”