(NYSE | TSX: ACB): Aurora Cannabis Inc.

 Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE | TSX: ACB), the Canadian company defining the future of cannabis worldwide, declared newly its fiscal and operational results for the 4th-quarter and fiscal year finished June 30, 2k19.

4th-Quarter 2k19 Highlights

(Unless otherwise stated, comparisons are made between Fiscal Q4 2k19 and Q3 2k19 results and are in Canadian dollars)

  • Net cannabis revenue up 61.00 percent sequentially to $94.60M
    • Canadian consumer cannabis revenue up 52.00 percent to $44.90M
    • Medical cannabis revenue up 10.00 percent to $29.70M
    • Wholesale revenues of $20.10M
  • Cash cost to produce for each gram sold declined 20.00 percent sequentially to $1.140 for each gram in Q4 2k19.
  • Production volume raised 86.00 percent sequentially to 29,034 kgs.
  • Gross margin on cannabis net revenue raised by 3.0 percent to 58.00 percent sequentially.
  • Aurora’s medical patient base expanded 10.00 percent to 84,729 sequentially. As at the date of this release, Aurora has about 89,700 active registered patients, a further incline of 6.0 percent.
  • Adjusted EBITDA loss of $11.70M represents an improvement of 68.00 percent contrast to $36.60M in Q3 2k19.

Subsequent Events

  • Closed an amended and upsized $360.00M secured credit facility which includes an accordion feature that facilitates Aurora to upsize the facility by about $40.00M,
  • Sold its remaining 28,833,334 shares of The Green Organic Dutchman Holdings Ltd (“TGOD”), at a price of $3.00 for each share for aggregate gross proceeds of $86.50M, representing an approximate 50.00 percent internal rate of return for the Company.

Full Year Fiscal 2k19 Highlights

  • Net revenue of $247.90M, up 349.00 percent contrast to the previous year.
  • Gross margin on cannabis net revenue of 55.00 percent in fiscal 2k19 as compared to 65.00 percent in fiscal 2k18.
  • Kilograms produced and kilograms sold of 57,442 kgs and 36,628 kgs, up 920.00 percent and 629.00 percent respectively contrast to fiscal 2k18.

 

Merged net revenue raised 52.00 percent to $98.90M in Q4 2k19 as contrast to $65.10M in the prior quarter. Consumer cannabis revenues were $44.90M in Q4 2k19, a boost of 52.00 percent from the prior quarter and contributed 45.00 percent to total merged net revenue. Canadian medical cannabis net revenues raised to $25.20M in Q4 2k19, up 9.0 percent over the previous quarter. Revenue growth was mainly driven by additional production capacity and supply available for sale from Aurora Sky and Aurora River (Bradford).

Average net selling price of cannabis reduced by $1.080 for each gram over the prior quarter from $6.400 in Q3 2k19 to $5.320 in Q4 2k19. This decline is mainly attributable to the incline in sale volumes to consumer and bulk wholesale markets which yield lower average net selling prices as contrast to medical markets.

Gross margin on cannabis net revenue raised to 58.00 percent in Q4 2k19, contrast to 55.00 percent in the previous quarter. Gross margin improvement was driven by the continued decline in cash cost to produce for each gram and higher gross margins achieved on bulk sales.

During Q4 2k19, Aurora produced 29,034 kilograms of cannabis as contrast to 15,590 kilograms in the prior quarter. The 86.20 percent incline in production output was mainly because of the additional production capacity added by Aurora Sky, River (Bradford), and Ridge (Markham) facilities. Extraction capacity raised from 20,400 kilograms to 26,400 kilograms in Q4 2k19.  Subsequent to the quarter end, Aurora’s annual extraction capacity further raised to 45,600 kilograms.