Aurora Cannabis Reports Strong Q2 2024 Results With Record Positive Adjusted EBITDA

Author: Joana Scopel | November 09, 2023 06:40pm

Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) announced its financial and operational results for the second quarter of fiscal year 2024, ending September 30, 2023, revealing a record positive adjusted EBITDA of CAD $3.4 million.

Miguel Martin, CEO of Aurora, stated: "This is our strongest fiscal year to date, led by robust net revenue growth in our high-margin medical cannabis segment, coupled with positive adjusted EBITDA for the fourth consecutive quarter."

Second Quarter 2024 Financial Highlights

Consolidated Revenue and Adjusted Gross Profit: The company reported a 30% year-over-year increase in quarterly net revenue, reaching CAD 63.4 million as compared to CAD 48.6 million in the prior year period. This growth was primarily driven by a substantial 42% increase in the global medical cannabis segment.
Consolidated adjusted gross margin before fair value (FV) adjustments was “51% in Q2 2024 (Q1 2023: 51%). Adjusted gross profit before FV adjustments was CAD $32.1 million in Q2 2024 (Q1 2023: $24.3 million), an increase of 32%,” per a press release.
Net Income/Loss from continuing operations for the quarter was CAD $0.3 million, marking a significant improvement compared to the net loss of CAD $45.7 million in the same period the previous year.
Adjusted EBITDA: Aurora reported positive adjusted EBITDA of $3.4 million for the quarter, representing a substantial improvement compared to the loss of CAD $6.2 million in the prior year period. According to the company, this “is primarily attributable to higher adjusted gross profits before fair value adjustments of CAD 7.7 million, and a reduction in adjusted SG&A and R&D expenses of CAD 2.1 million.

"We are experiencing the benefits of diversification across our cannabis and non-cannabis platforms characterized by stability in Canada, record revenue in Europe and Australia, and early success with our most recent acquisition, Bevo Farms," said Martin.