Below are Aurora Cannabis Inc.'s (ACB) Q3 financial and operational results for its third quarter of fiscal 2020 ended March 31, 2020.
Since announcing their Business Transformation Plan on February 6, 2020, Aurora has taken a number of concrete steps to place it on track to meet or exceed previously announced cost-savings and capex goals designed to strengthen its balance sheet and reduce go-forward costs to achieve profitability and positive cash flow. Progress in those goals are positively reflected in the Q3 results outlined below and the 62% pop in share price since its results were announced.
Key Financial Highlights (All amounts are expressed in Canadian dollars unless otherwise noted, and are compared to the results achieved in Q2.)
- Cannabis Net Revenue: +32%
- Consumer: +24%
- Medical: +13.5%
- Canadian: +6%
- Int'l: +125%
- Adj. Gross Margin: 54% vs. 55% in Q2
- SG&A Costs: decreased 20%
- Adj. EBITDA: improved by 37% to ($50.9M)
- Capital Expenditures: reduced to $73.7
Key Operational Highlights
- Production Cost: decreased 3% to $0.85/g
- Kilograms Produced: +18%
- Kilograms Sold: +34%
Going Forward
The Company's stated goal is to gain market share where it can and remain well-positioned to capture more share of the revenue growth of the various cannabis markets over time.
Stock Performance
Aurora's common shares trade on the TSX and NYSE under the symbol "ACB", and it is a constituent of the S&P/TSX Composite Index. This past Monday engineered a 1-for-12 reverse stock split to improve liquidity and regain compliance with New York Stock Exchange listing requirements, after its stock traded below $1 for more than 30 days. Below is a chart of its performance over the past year:
(Click on image to enlarge)
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