Aurora Cannabis Inc. (NYSE: ACB) reported a 154% jump in revenues for the first quarter of 2020 helped by higher cannabis production and sales. However, earnings plunged by 90% due to higher costs and expenses. The bottom line exceeded analysts’ expectations while the top line missed consensus estimates.
Net income fell by 90% to CAD12.76 million or $0.01 per share. Revenues soared by 154% to CAD75.25 million. Net cannabis revenue surged by 188% to CAD70.78 million.
On a sequential basis, revenues fell by 24% and cannabis revenue dropped by 25%.
During the quarter, Aurora produced 41,436 kilograms of cannabis compared to 29,034 kilograms in the prior quarter. The company sold 12,463 kilograms of cannabis compared to 17,793 kilograms in the third quarter of 2019.
Cash cost to produce per gram sold declined 25% sequentially to CAD0.85 per gram, delivering on its promised sub-one dollar per gram target KPI.
(The article will be updated shortly)