Marijuana company reports quarterly loss of more than C$160 million, says it will file for another stock sale and switch U.S. exchanges
Aurora Cannabis Inc. reported another large quarterly loss Thursday, and announced more cost-cutting, share-sale plans and executive changes as shares plunged in late trading.
Aurora reported a net loss of C$164.7 million ($135.4 million), though that figure was only included deep in its announcement as part of the reconciliation of its preferred metric, adjusted Ebitda. In the same quarter a year ago, Aurora reported a loss of C$97.5 million. The company did not provide a per-share figure, nor any share count.
The Canadian cannabis company reported an adjusted-Ebitda loss of C$24 million, though it also offered other figures with other reductions to its losses; last year in the same period, the company reported an adjusted-Ebitda loss of C$49.6 million. Aurora reported net revenue of C$58.4 million, up from C$53.6 million a year prior.
Analysts on average projected a GAAP loss of C$36.1 million, an adjusted-Ebitda loss of C$8.4 million, and net revenue of C$56.8 million. U.S.-listed shares dropped roughly 9% in after-hours trading immediately following the release of the results.
"Consistent with many of our peers, the quarter presented challenges in the Canadian adult-use segment," Chief Executive Miguel Martin said in a statement. "This reinforces the importance of Aurora's broadly diversified business model that balances domestic medical, international medical, and adult-use platforms,"
Aurora has experienced a roller-coaster ride on the public markets. The company jumped to valuations of more than $10 billion amid the 2018 legalization of marijuana in Canada and expectations of a gigantic market for marijuana, but disappointing performance through 2019 sent shares plunging until Aurora was forced to enact a 12-to-1 reverse stock split to avoid having its stock delisted.
Aurora has relied on cost cuts and share sales to make up for its disappointing financial performance, and announced more of the same Thursday. Aurora said it would cut another C$60 million to C$80 million in annualized costs, on top of an earlier plan to trim C$300 million. It also said, at the very bottom of its release, that it plans to file for a $300 million at-the-market offering program, while switching its U.S. listing from the New York Stock Exchange to the Nasdaq.
Aurora also said that it would continue to make changes at the top, with Executive Chairman Michael Singer stepping down from that role and returning to a simple board seat while Ronald Funk moves up to chairman from lead independent director. Aurora also brought in two new executives focused on supply chain and human resources.
Aurora's stock has continued to trod a volatile path, but is up 26.2% in the past year, as the S&P 500 index has gained 44.1%. Over the last two years, however, the stock has lost more than 90% of its value.
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