Aurora Cannabis Q1 Sales C$70.8M Down From C$94.6M YoY

Cash cost to produce per gram sold declined 25% sequentially to $0.85 per gram, delivering on the Company's promised sub one dollar per gram target KPI   Net cannabis revenue of $70.8 million compared

Benzinga · 11/14/2019 22:02
  • Cash cost to produce per gram sold declined 25% sequentially to $0.85 per gram, delivering on the Company's promised sub one dollar per gram target KPI
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  • Net cannabis revenue of $70.8 million compared to $94.6 million in Q4 2019; 

     

    • Non-wholesale cannabis revenue declined 19% sequentially, comprised of:

       

      • Medical cannabis revenue of $30.5 million, an increase of 3% sequentially
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      • Canadian consumer cannabis revenue of $30.0 million, a decline of 33% sequentially as provincial ordering slowed considerably during the summer as distributors worked through inventories and as the industry was impacted by the slow pace of retail store licensing
         
    • Wholesale revenues of $10.3 million, at 58% gross margin
       
  • Production volume increased 43% sequentially to 41,436 kgs
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  • Total gross profit of $53.7 million and gross margin on cannabis net revenue of 58%, driven by a significant reduction in cash cost of production
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  • Aurora's medical patient base expanded 8% to 91,116 sequentially. As at the date of this release, Aurora has approximately 91,408 active registered patients
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  • Closed an amended and upsized $360 million secured credit facility which includes an accordion feature that enables Aurora to upsize the facility by approximately $40 million. As at the date of this release, approximately $160 million of this facility has not been drawn and remains available to Aurora
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  • Sold remaining 28.8 million shares of The Green Organic Dutchman Holdings Ltd. for gross proceeds of $86.5 million