EDMONTON, AB, Nov. 9, 2023 /PRNewswire/ – Aurora Cannabis Inc. (the “Company” or “Aurora”) (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today announced its financial and operational results for the second quarter of fiscal year 2024. As the fiscal year 2023 consisted of three quarters, the year-over-year comparison quarter for Q2 2024 ending September 30, 2023, is Q1 2023 ending September 30, 2022.
“This is our strongest fiscal year to date, led by robust net revenue1 growth in our high-margin medical cannabis segment, coupled with positive adjusted EBITDA1 for the fourth consecutive quarter,” stated Miguel Martin, Chief Executive Officer of Aurora. “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.”
Mr. Martin continued, “We are also proceeding with capturing $40 million in annualized cost efficiencies during fiscal 2024, in addition to the approximate $400 million savings we delivered over the last three years. By executing on our plan to deliver top-line growth and increased profitability, we are moving closer to reaching our target of positive free cash flow in calendar year 2024.”
Mr. Martin added, “Our balance sheet is in a strong net cash position to pursue profitable growth opportunities through M&A, and we will repay the remainder of our US$5.3million of convertible senior notes in February 2024. The combination of industry leading margins, a strong balance sheet and a proven track record of execution, point to Aurora’s best days laying squarely ahead.”
H/T: news.google.com
