Aurora Cannabis (ACB) Reports Q1 Revenues of Cdn$67.81M

Aurora Cannabis (NYSE: ACB) reported Q1 revenue for the quarter came in at Cdn$67.81 million, versus Cdn$0 reported last year.

• #1 Canadian Medical Position by Cannabis Net Revenue & Strong International Medical Growth
• Cannabis Net Revenue of $67.8 million, Adjusted Gross Margin of 48%, or 52% Excluding Nordic 1 Ramp Up Costs
• Achieved Targeted SG&A During Q1 2021

First Quarter 2021 Highlights(Unless otherwise stated, comparisons are made between fiscal Q1 2021 and Q4 2020 results and are in Canadian dollars)

• Q1 2021 total and cannabis net revenue1 was $67.8 million, a slight increase from the $67.5 million of cannabis net revenue1 in the prior quarter.
• Adjusted gross margin before fair value adjustments on cannabis net revenue1 remained strong at 48%, versus 50% in Q4 2020. Excluding $2.6 million of ramp up costs at Aurora Nordic 1, the Company's Q1 2021 adjusted gross margin before fair value adjustments on cannabis net revenue1 was 52%.
• Adjusted EBITDA loss was $57.9 million in Q1 2021, which includes restructuring payments such as contract and employee termination costs of $47.4 million. Excluding these impacts, the Company's Adjusted EBITDA loss, as defined under the term credit facility, is $10.5 million. Aurora was in full compliance with its September 30, 2020 term debt covenants. As a reminder, the Company's goal is to achieve positive Adjusted EBITDA in Q2 2021.
• Cash balance at November 6, 2020 was approximately $250 million.

"We continue to take the necessary steps to execute our plan and transform our business to achieve sustainable profitability, and ultimately positive cash flow," stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. "Our Q1 2021 results are transitional but do highlight successes across a number of diverse profit pools. We remain the leader by revenue in the high-margin Canadian medical market, our international medical business experienced more than 40% net revenue growth this quarter, and our CBD brand Reliva is #1 ranked by Nielsen in the U.S. CBD sector."

"While we are not satisfied with our past performance in the growing Canadian consumer business, we have a sense of urgency in the execution of our tactical plan to grow profitable market share. Our efforts are directed at delivering the highest quality products, refocusing on our leading premium and ultra-premium brands, better allocating our sales and marketing spend, and executing key account partnerships at both the province and retail levels."

"We have also taken action to improve our liquidity and strengthen our balance sheet. It was a responsible decision to raise capital using our ATM in today's environment and the cash is expected to ensure we have the runway needed to compete with our peers. Cannabis companies are being evaluated on both their business performance and liquidity and we wanted to ensure that we are addressing both. I remain confident in Aurora's prospects and it is my utmost priority to secure our winning future."

For earnings history and earnings-related data on Aurora Cannabis (ACB) click here.

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