![]() The acquisition of Thrive Cannabis helped those sales, Aurora executives said. That marked a 9% gain from the previous quarter, but a 28% drop from the same period last year. Recreational cannabis sales, meanwhile, were C$13.7 million. That figure was also down 14% from the prior quarter due to “timing of shipments into certain international markets during the prior quarter,” executives said. Medical cannabis sales fell 23% from a year earlier to C$31.6 million in Thursday’s report. The company said it finished the quarter with around C$393 million in cash.Īurora has leaned into its medical cannabis business, which includes Canada and a handful of markets in Europe as well as in Australia, as the recreational market gets more crowded. Total revenue came in at C$49.3 million, down slightly from the prior sequential quarter and down from C$60.1 million in the prior-year quarter.Īnalysts polled by FactSet expected Aurora to lose C$33.7 million in the quarter, or 13 Canadian cents a share, on sales of C$52.6 million. Aurora lost 17 Canadian cents per share during the quarter, according to a filing. ![]() Sports drink business, BioSteel, helped drive sales for its most recent quarterly results, reported this week.Īurora reported its own results and issued its forecast as competition in Canada’s recreational weed industry pushes prices lower, and as pain from rising prices and an energy crisis becomes more acute in Europe - where Aurora executives have talked up the potential in the region’s nascent medical markets.Īurora reported a fiscal first-quarter net loss of C$51.9 million, compared with C$11.9 million in the same quarter last year and a far bigger C$618.8 million loss in the prior quarter. This week said it acquired the Montauk Brewing Co., a craft brewer in New York. But with cannabis-industry competition stiff and rising prices for essentials still hurting consumers, other Canadian cannabis producers have leaned on their non-cannabis segments for growth. He also said the company would get there through Bevo Farms - a vegetable grower that Aurora acquired a controlling stake in over the summer.īevo contributed only around C$3.3 million in net sales to Aurora’s fiscal first-quarter results. Still, Chief Financial Officer Glen Ibbott said Aurora could hit that profit goal through cost management, steady gross margins, and a sorting-out of distribution hurdles that would help revive sales. And Aurora, like the rest of the industry, has struggled with overproduction, debt, layoffs, impairments, facility closures and, more recently, inflation and its impact on costs and demand. But profit expectations for Canada’s weed industry have had to be tempered and pushed back over the past few years.
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