Aurora Cannabis, Inc. (NASDAQ: ACB) on Wednesday reported a net loss for the third quarter of 2023. The company’s revenues moved up 27% year-over-year during the quarter.
The Canada-based medical marijuana company reported a net loss of C$87 million for the third quarter. Adjusted EBITDA was C$0.31 million during the three-month period, compared to a loss of C$10.03 million in the prior-year quarter. Total revenues increased 27% annually to C$64 million.
“Over the last three years, our ongoing business transformation initiatives have delivered ~$400 million in annualized cost savings that have significantly reduced cash used in operating activities. In fact, cash use continues to improve as evidenced by the reduction from $35.5 million in Q2 2023 to $15.1 million in Q3 2023, excluding working capital,” said Miguel Martin, chief executive officer of Aurora Cannabis.