After a long delay, Aurora Cannabis (ACB) reported its second quarter 2019 results. The company reported a loss of C$238 million compared to a profit of C$7.7 million in the year-ago quarter. Net revenue of C$54.2 million was up 363% year-over-year and 83% sequentially.
Aurora Cannabis and other cannabis stocks including Aphria (APHA), Tilray (TLRY), Cronos Group (CRON) and Canopy Growth (CGC) ended in red today. Aurora stock is up about 1% after its earnings release.
In Q2 2019, Aurora increased the total number of kilograms of cannabis produced by 550% to 7,822 kilograms compared to the prior year quarter. The total number of kilograms of cannabis sold rose by 502% year-over-year to 6,999 kilograms.
Based on the company’s current confirmed production results, Aurora reiterated its previous guidance. Aurora expects to have approximately 25,000 kgs available for sale in Q4 (April to June 2019). The company also reiterated its prior outlook of achieving sustained EBITDA positive results from the second calendar quarter of this year (fiscal Q4).
“Our brands continue to resonate extremely well in the consumer market, our patient numbers continue to increase steadily, and we have maintained our market leadership in Germany and other key international markets. We are experiencing exceptional demand for our Canadian medical and consumer products, as well as sustained strong demand internationally,” said CEO Terry Booth.
Aurora, which started trading on NYSE on October 23, 2018, was supposed to issue its earnings press release BMO today followed by a conference call. On February 7, the company announced that it will be reporting the earnings after the market closes followed by a conference call at 6:00 PM ET.
Aurora stock, which jumped 45% so far this year, had dropped 20% in the past 52-weeks. The stock ended down 5.53% at $7.17 on Monday.