Aurora Cannabis Inc. shares fell 9 per cent in post-market trading as it became the latest pot company to miss estimates.
Aurora reported quarterly net revenue of $75.2 million (US$56.8 million), below the average analyst estimate of $90.6 million. Sales into the Canadian recreational market tumbled 33 per cent to $30 million.
The company’s adjusted loss before interest, taxes, depreciation and amortization was $39.7 million, wider than the expected $20.8 million. It also appeared to walk back its statement last quarter that it “continues to track toward positive adjusted Ebitda,” citing “near-term challenges to achieving positive adjusted Ebitda.”
Aurora said it has ceased construction at its Aurora Nordic 2 facility in Denmark, which will save approximately $80 million over the next year. The company also reached an agreement with investors holding about $155 million of its March 2020 convertible debentures to convert early at a lower price.
Earlier Thursday, Canopy Growth Corp. reported revenue that missed the lowest analyst estimate amid a large restructuring charge, sending its shares to the lowest since 2017. Investors are growing increasingly impatient with cannabis companies that don’t show a clear path to profitability.
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