Analyst Note| Kristoffer Inton |
Similar to what we’ve seen among other Canadian cannabis producers, Aurora’s fiscal third-quarter results suffered heavily from lockdowns to control the COVID-19 pandemic in Canada. Unlike previous lockdowns, most dispensaries were closed to in-person sales and only offered online ordering for pick-up or delivery. As a result, cannabis net revenue declined 21% year over year and 18% sequentially to CAD 55 million. Adjusted EBITDA losses widened sequentially to CAD 24 million from CAD 17 million the second quarter. On the positive side, it’s still narrower than the prior-year quarter loss of CAD 50 million. The year-over-year progress reflects the overhead expense progress Aurora has made.