Aurora Cannabis reports Q1 net loss of $51.9M as consumer pot net revenues fall 28%

EDMONTON — Aurora Cannabis Inc. recorded a $51.9 million net loss in its most recent quarter as its consumer pot net revenue fell 28 per cent from a year ago.

The Edmonton cannabis company says its first-quarter performance compared with a net loss of $11.9 million for the same period in the prior year.

Its adjusted earnings before interest, taxes, depreciation and amortization for the period ended Sept. 30 totalled $8.7 million compared with $11 million a year ago.

The company says its consumer cannabis net revenue amounted to $13.7 million, up from $12.6 million in its prior quarter, but down from $19.1 million in the first quarter of last year.

Aurora attributed the increase in net revenue to the quarter encompassing earnings from Thrive, a premium pot company it bought in March.

However, it said the Thrive earnings were partially offset by supply and ordering disruptions from a cyberattack at the Ontario Cannabis Store and store closures due to an employee strike at BC Cannabis Stores.

This report by The Canadian Press was first published Nov. 10, 2022.

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The Canadian Press