After the market closed on Thursday, Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) delivered results for the second quarter fiscal 2022 ending December 31, 2021. Aurora reported that second quarter total cannabis net revenue was $60.6 million, up 1% sequentially but down from last year’s $67 million. This beat the analysts estimates for revenue which was just $46 million according to Yahoo Finance. As a result, the stock was trading almost 2% higher to lately sell at $4.70.
The company also delivered a net loss of $75 million for the quarter, which was an improvement over last year’s net loss of $300 million.
The average net selling price per gram of dried cannabis excluding the effect of bulk wholesale of excess mid-potency cannabis flower during the quarter, declined 10% to $4.20 from $4.67 in the first quarterQ1 2022 reflecting continued downward pressures on pricing due to competition.
“During the second quarter, we improved our Adjusted EBITDA by $2.5 million over Q1, moving us closer to our profitability goal. Our focus remains on further cost reductions, and we are pleased to announce today that we expect to reach the high end of the $60 to $80 million range. Our balance sheet remains among the strongest in the industry, with approximately $445 million in cash as of yesterday. This gives us significant working capital to support organic growth and positions us to pursue strategic M&A opportunities,” stated Miguel Martin, Chief Executive Officer of Aurora.
“Q2 total cannabis net revenue held steady sequentially, driven by our industry leading, high margin global medical cannabis business. New international markets are rapidly opening, and with the unique ability to navigate complex regulatory environments, we see a significant revenue opportunity of which we are at the forefront. While the Canadian adult-use market continues to face challenges, we are focused on introducing a new range of products set to launch this spring,” he concluded.