Aurora Cannabis Inc. (NYSE: ACB) reported financial results for the third quarter. Net revenue amounted to USD 78.4 Million, up 24% from the same period a year ago. Gross margins on cannabis net revenue was 44% compared to 44% a year ago. Adjust gross margin on cannabis net revenue was 54% versus 55% in the prior quarter.
Selling, general and administrative expense costs reached USD 75.1 Million which excludes the one time termination costs associated with the business transformation plan. It fell USD 24.7 Million from the prior quarter. Capital expenditures were USD 73.7 Million.
Michael Singer, Executive Chairman and Interim CEO of Aurora stated, “I am incredibly proud of the Aurora team for working through these challenging times in order to maintain uninterrupted operations at all of our production facilities and ensure we continue to meet the needs of our patients and consumers. I am also pleased that our third quarter 2020 financial results were in-line with our expectations, and that we remain firmly on track with the cost-savings and capex goals we detailed during our business transformation plan in February 2020.”