Despite the dip in revenues, Aurora finished the quarter with a net loss of $12 million, compared to a $101 million net loss the prior year.
Despite the drop in the bottom line, shareholders are optimistic about sales related to electrified vehicles as suggested by an almost eight per cent increase in the share price by market close Thursday.
Looking at Storm’s third-quarter fiscal 2021 results, the company reported revenues of $85 million, compared to $30 million in 2020 with a net loss of $8.9 million, versus last year’s net loss of $17 million.
The company recorded $4.3 million in other expenses, down from a $2.2 million gain in 2020, and $2.2 million in unrealized foreign exchange loss, compared to a $2.8 million gain the prior year.
Despite the boost in the top line, the company reported a $47-million increase in operating expenses that resulted in net income of $434,000 for the quarter, down from $16 million in 2020.
The company released its third- quarter fiscal 2021 results on Thursday with revenues up to $19.2 billion , from $16.2 billion the prior year.