Aurora Cannabis Reported CA$51.9 Million Loss During First Quarter

MJBizDaily reported that Canadian producer Aurora Cannabis reported a massive net loss of CA$51.9 million during the first quarter of its 2023 fiscal year.

The company’s net revenue for the quarter stopped September 30 was CA$49.3 million, which fell 2 percent from the last quarter and 18 percent from the same quarter the previous year.

Aurora’s last quarter involved it reporting a CA$618.7 million loss. This was mainly the result of impairment charges.

However, equally important to note is that the company announced its goal to achieve profitability with adjusted earnings prior to taxes, depreciation, amortization, and interest by the end of 2022, along with a plan to save up to CA$170 million is annualized cost savings within the same time frame.

Author:
Louis Levey is the Content Success Manager and Founder at No Strings Content. He's passionate about helping cannabis businesses use content to attract, educate, and convert audiences. His hometown is Boca Raton, Florida, but he currently lives and works remotely in Chiang Mai, Thailand.

Leave a Reply

Your email address will not be published. Required fields are marked *