: Aurora Cannabis Q3 loss widens vs. prior quarter

Aurora Cannabis Inc. ACBCA:ACB said Wednesday it had a net loss of C$87 million ($65.5 million) for its fiscal third quarter to March 31, wider than the loss of C$67.1 million posted in the prior quarter. Revenue edged up to C$64.0 million from C$61.7 million in the prior quarter and C$50.4 million in the year-earlier period. There are no consensus estimates for the Canadian cannabis company. The company said it has C$230 million of cash on its balance sheet and C$80 million of convertible bonds outstanding. “This quarter, revenues in both our global medical cannabis and Canadian consumer cannabis segments held mostly steady at $38 million and $14.5 million, respectively, and we benefitted from a strong $10.7 million contribution from our Bevo acquisition due to the onset of its traditionally strong seasonal period,” Chief Executive Miguel Martin said in a statement. The company is expecting cannabis net revenue for its fiscal 2024 first quarter to be “largely similar” to Q3 with the geographic mix weighted toward the international medical cannabis segment. The stock was down 0.9% premarket and has fallen 36% in the year to date, while the AXS Cannabis ETF THCX has fallen 30% and the S&P 500 SPX has gained 11%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.