Aurora Q2 Financials: Net Revenue +25%, Net Profit -30%, Adj. EBITDA Turned Positive

Aurora Cannabis Inc. (Nasdaq: ACB) | (TSX: ACB), announced its financial and operational results for the fiscal second quarter that ended December 31, 2022 today, as follows:
 

Q2 Financial Highlights 

(The information below compares Q2 2023 with Q1 2023 and all figures are in Canadian dollars.)

• Net Revenue: UP 25.2% to $61.7M
  • • Adj. Gross Margin: DOWN to 49% from 54%
  • Medical: UP 24.6% to $39.5M
    • Adj. Gross Margin: DOWN to 61% from 67%
  • Recreational: UP 6.6% to $14.6M
    • Adj. Gross Margin: DOWN to 20% from 25%
  • Bevo Division: UP 100% to $6.6M
  • Other: $1.0M
• SG&A (incl. R&D) Exp.: DOWN 18.4% to $26.6M
• Adj. EBITDA: UP to $1.4M from $(7.4)M
• Net Loss: UP 29.5% to $(67.2)M 
• Cash on Hand: DOWN 24.4% to $323.7M
• Total Debt: DOWN 40.7% to $(193.4)M
   

Management Commentary

Miguel Martin, Chief Executive Officer, stated:

• "We are pleased to have delivered on our commitment to achieve positive Adjusted EBITDA in Q2 2023, following a tremendous effort to realize approximately $340 million of total annualized savings since February 2020.
• We have right-sized our business while remaining the #1 Canadian LP in global medical cannabis revenues and having demonstrated organic quarter-over-quarter revenue growth across all of our cannabis segments during Q2 2023.
• Our robust balance sheet remains in a net cash position which puts it among the strongest in the industry.
• We anticipate an even higher top-line and Adjusted EBITDA contribution in Q3 2023 versus Q2 2023 thanks to our recent Bevo Agtech Inc. acquisition.
• Looking ahead, we are focused on:
  • profitable growth opportunities across all segments,
  • ongoing discipline in capital deployment,
  • and our ability to generate positive operating cash flow as we continue to build value for shareholders." 
     

Recent Stock Performance

• The stock price:
  • declined 27.6% during the 3-month period of Q2 (October, November, December),
  • jumped 10% between December 31st and yesterday, February 8th and
  • declined 6% today, February 9th, as a result of the release of the Q3 financial report after the markets closed.

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