Aurora Cannabis announced Thursday that it has completed a transformation plan delivering $340 million in annualized savings since February 2020, but said it still incurred a $67.2 million net loss in its most recent quarter.
Thursday that it has completed a transformation plan delivering $340 million in annualized savings since February 2020, but said it still incurred a $67.2 million net loss in its most recent quarter.
The company behind brands like Daily Special, Drift, Greybeard and San Rafael achieved that feat with an adjusted EBITDA of $1.4 million in its second quarter ended Dec. 31 compared with a loss of $7.4 million in its first quarter and $7.1 million in the same period a year ago. These pressures contributed to their $67.2 million net loss, compared with a net loss of $75.1 million for the same period in the prior year.
Consumer cannabis net revenue was $14.6 million, a two per cent increase from the second quarter of its last financial year.Martin is confident the completed transformation plan will help Aurora navigate the economic pressures of the sector and boost sales in several categories.
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