Founded in 2006 and headquartered in Calgary, Aurora Cannabis engages in the production, distribution and sale of cannabis products.
“Q2 total cannabis net revenue held steady sequentially, driven by our industry leading, high margin global medical cannabis business,” said Miguel Martin, CEO of Aurora in the company’s February 10 press release.
Meanwhile, the company experienced strong margin reporting in the quarter, particularly the $32 million in adjusted gross profit with a 52.8 per cent margin representing a significant improvement over the $26.7 million and 44.5 per cent margin from the previous quarter.
In a similar vein, the company’s adjusted EBITDA loss of $9 million in the quarter represented an improvement over the $12.1 million loss in the previous quarter.
“We continue to like ACB’s margins but we lack visibility over the growth outlook due to lackluster rec.
After projecting a loss of $26.2 million in 2022 to follow a $118 million loss in 2021, Gomes forecasts Aurora’s adjusted EBITDA to turn positive in 2023 at $1.7 million for a 0.7 per cent margin, followed by an increase to a forecasted $29.9 million and a 9.4 per cent margin in 2024.
Aurora’s stock price has been on a downward trend over the last 12 months at a 67.5 per cent loss, with a 19 per cent loss reported since the start of 2022.