Aurora Cannabis, Inc. (NYSE: ACB) on Thursday reported a narrower loss for the third quarter of 2022. The company’s revenues dropped 9% year-over-year during the quarter.
The Canada-based medical marijuana company reported an adjusted EBITDA loss of C$12.3 million for the third quarter, compared to a loss of C$20.9 million in the prior-year quarter. Total revenues decreased 9% annually to C$50.4 million. Medical marijuana sales increased 8%, while consumer marijuana sales declined 43%.
“We continue to steer our differentiated global cannabis business towards long-term shareholder value creation. This is being accomplished through a sole focus on the most profitable growth opportunities, rationalization of our Canadian cost structure, and disciplined use of capital. Our plan is working and we remain firmly on track to achieving a positive Adjusted EBITDA run rate by the first half of fiscal 2023., ” said Miguel Martin, chief executive officer of Aurora Cannabis.
Read management/analysts’ comments on Aurora’s Q3 results
Shares of Aurora Cannabis traded slightly higher early Friday on the Nasdaq stock market, after closing the previous session higher. It has lost about 58% since the beginning of the year.