Aurora Cannabis misses own guidance with weaker revenues in fourth quarter

EDMONTON — Aurora Cannabis Inc. missed its own early guidance as it lost $2.2 million in the fourth quarter on $98.9 million in net revenues.

Revenues increased from $19.1 million a year ago and were up 52 per cent from $65.1 million in the prior quarter.

However, the Edmonton-based cannabis producer last month said its revenue from all sources would rise to between $100 million and $107 million.

Revenues for the fourth quarter ended June 30 included $20.1 million in wholesale bulk cannabis, $44.9 million in consumer cannabis and $29.7 million in medical cannabis.

The company says it sold nearly 18,000 of the 29,000 kilograms of marijuana it produced in the quarter. Production was on the higher end of its estimated production available for sale of between 25,000 and 30,000 kilograms.

Aurora failed to achieve a positive adjusted EBITDA, with a loss before interest, taxes and depreciation of $11.7 million, an improvement from a loss of $36.6 million in the third quarter.

For the full year, the company says its net loss was $297.9 million on $247.9 million in net revenues. That compared with a profit of $69.2 million on $55.2 million a year earlier.

It sold 36,628 kg of the 57,442 kg cannabis produced for the year.

Its full-year adjusted EBITDA loss was $156 million, worse than the $54.2-million loss in the fourth quarter of 2018.

It has been nearly one year since Canada legalized cannabis on Oct. 17 for recreational use, starting with flower, seeds and plants, and the ramp up has been slower than expected.

Although initial supply shortages across the country have eased, the rollout of brick-and-mortar retail stores in Ontario — the biggest market for legal pot — have lagged other parts of the country.

Canadian cannabis companies have been gearing up for the next wave of pot legalization, when edibles, vapes and topicals become legal later this year.

These new products will hit shelves in mid-December at the earliest, and companies hope the new categories will boost revenues.

Aurora has said it has been building inventory in anticipation, focusing on an initial supply of vape pens, edibles and concentrates.

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