Categories AlphaGraphs, Cannabis, Earnings
Infographic: Everything you need to know about Aurora Cannabis’ (ACB) Q2 earnings
Aurora Cannabis, Inc. (NYSE: ACB) on Thursday reported a narrower net loss for the second quarter of 2022. The company’s revenues dropped 10% year-over-year during the quarter.
The Canada-based medical marijuana company reported a net loss from continuing operations of C$75.1 million for the second quarter, compared to a loss of C$300.2 million in the prior-year quarter. Adjusted EBITDA loss was C$9 million, compared to C$11.2 million last year. Net revenues decreased 10% year-over-year to C$60.59 million.
“During the second quarter, we improved our Adjusted EBITDA by $2.5 million over Q1, moving us closer to our profitability goal. Our focus remains on further cost reductions, and we are pleased to announce today that we expect to reach the high end of the $60 to $80 million range. Our balance sheet remains among the strongest in the industry, with approximately $445 million in cash as of yesterday, ” said Miguel Martin, chief executive officer of Aurora Cannabis.
Read management/analysts’ comments on Aurora’s Q2 results
Shares of Aurora Cannabis gained soon after the earnings release on Thursday evening at the New York Stock Exchange, after closing the regular session higher.
Prior Performance
Most Popular
United Parcel Service (UPS) seems on track to regain lost strength
Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic
IPO Alert: What to look for when Boundless Bio goes public
Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.
Nike (NKE) bets on innovation and partnerships to return to high growth
Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company