Aurora Cannabis, Inc. (NYSE: ACB) on Tuesday reported a loss for the first quarter of 2022 when its revenues declined 11% from last year.
The Canada-based medical marijuana company reported an EBITDA loss of C$12.1 million for the first quarter, on an adjusted basis, compared to a loss of $58.1 million in the prior-year quarter. Net revenues decreased 11% year-over-year to C$60.1 million during the three-month period.
“Our transformation plan is on track. We continue to strengthen and transform our business while benefitting from broad diversification across our international medical, domestic medical, and adult recreational segments. On a run-rate basis to date, we have executed over $33 million in annualized cost savings, ” said Miguel Martin, chief executive officer of Aurora Cannabis.
Shares of Aurora Cannabis dropped soon after the earnings release on Tuesday evening at the New York Stock Exchange, after closing the regular session higher. The stock has declined 27% since the beginning of 2021.
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