Canadian producer Aurora Hashish reported a web lack of 51.9 million Canadian {dollars} ($39.1 million) for the primary quarter of its 2023 fiscal yr.
Internet income for the quarter ended Sept. 30 was CA$49.3 million, down 2% from the earlier quarter and down 18% from the identical quarter a yr earlier than.
The Alberta-based firm reported a CA$618.7 million loss in its earlier quarter, primarily as a consequence of massive impairment expenses.
Aurora administration reiterated a beforehand introduced objective to attain profitability on an adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) foundation by the tip of this calendar yr, alongside a plan to attain as a lot as CA$170 million in annualized value financial savings by yr’s finish.
The corporate stated it has repurchased about $160 million in convertible debt year-to-date.
Aurora, which has refocused its enterprise on medical marijuana, reported CA$31.6 million in medical hashish web income for the quarter, accounting for almost two-thirds of its consolidated web income.
That determine consists of CA$8.2 million of medical hashish bought in nations aside from Canada.
The corporate’s web medical hashish income decreased 14% from the earlier quarter and decreased 23% from the identical quarter a yr earlier than.
The sequential lower in medical hashish web income “was primarily attributable to timing of shipments into sure worldwide markets throughout the prior quarter, with gross sales anticipated to normalize in Q2 2023,” Aurora stated in a information launch.
“The lower from the prior yr quarter was pushed by $7.9 million of gross sales to Israel and a strategic option to shift our Canadian medical enterprise in the direction of the higher-margin insured affected person base.”
In the meantime, adult-use hashish income totaled CA$13.7 million, up 9% from the earlier quarter and down 28% from the identical quarter a yr earlier than.
“The lower from the prior yr quarter was attributable to a discount within the volumes bought of low cost, low-margin manufacturers, and changed with premium higher-margin manufacturers,” in line with the Aurora launch.
The corporate stated quarterly adult-use hashish revenues have been affected by each a cyberattack on the Ontario Hashish Retailer wholesaler and a strike in British Columbia.
Aurora shares commerce as ACB on the Toronto Inventory Alternate and the Nasdaq.