Aurora Cannabis Inc. Logo (CNW Group/Aurora Cannabis Inc.)

The information below compares Q2 2024 ended September 30th, 2023 with Q1 2024 and all figures are in Canadian dollars. Go here to convert into another currency.

Q2 Financial Highlights 

• Net Revenue: DOWN 15.5% to $63.4M
  • • Adj. Gross Margin: DOWN to 44% from 51%
  • Medical: UP 5.3% to $43.8M
    • Adj. Gross Margin: UP to 63% from 61%
  • Recreational: DOWN 8.4% to $12.0M
    • Adj. Gross Margin: DOWN to 27% from 28%
  • Plant Propagation: DOWN 63.8% to $7.2M
    • Adj. Gross Margin: Unchanged @ 22%
  • Other: Unchanged @ to $0.4M
• SG&A (incl. R&D) Exp.: DOWN 4.7% to $28.7M
• Adj. EBITDA: UP 78.6% to $1.4M from $(1.4)M
• Net Loss: DOWN to $0.3M from $(28.3)M

Q2 Operational Highlights

• Average net selling price of dried cannabis, excluding bulk sales, declined 1% to $4.75/g
• Kilograms sold decreased by 13.4% to 13.6

Management Commentary

Miguel Martin, Chief Executive Officer, said:

• "...We are experiencing the benefits of diversification across our cannabis and non-cannabis platforms characterized by stability in Canada, record revenue in Europe and Australia, and early success with our most recent acquisition, Bevo Farms.
• We are also proceeding with capturing $40 million in annualized cost efficiencies during fiscal 2024, in addition to the approximate $400 million savings we delivered over the last three years. By executing on our plan to deliver top-line growth and increased profitability, we are moving closer to reaching our target of positive free cash flow in calendar year 2024.
• Our balance sheet is in a strong net cash position to pursue profitable growth opportunities through M&A, and we will repay the remainder of our US$5.3million of convertible senior notes in February 2024.
• The combination of industry leading margins, a strong balance sheet and a proven track record of execution, point to Aurora's best days laying squarely ahead."

Fiscal Q3 2024 Expectations

• expect cannabis net revenue to be largely similar to fiscal Q2 2024, with the geographical mix slightly weighted further towards the international medical segment,
• expect to see seasonally reduced revenues and gross profit from plant propagation that will be consistent with fiscal Q2 2024 and in line with historical performance,

Stock Performance

Aurora's (ACB) stock price has fluctuated between $0.44/share and $0.59 throughout 2023 and is currently DOWN 77.4% YTD. 

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