Aurora Cannabis blames $1-billion net loss in Q3 on pricing pressures, COVID-19

Open this photo in gallery:

Aurora Cannabis Inc.’s ACB-T most recent quarter ended with a net loss of more than $1-billion, which the cannabis company blamed on pricing pressures and COVID-19 measures.

The Edmonton cannabis business’ third-quarter loss was up from a more than $160-million loss it reported in the same quarter last year.

Aurora says its basic and diluted loss per share for the quarter amounted to $4.72 compared with a loss of 83 cents during the third quarter of 2021.

Analysts on average had expected a loss of 34 cents per share, according to financial markets data firm Refinitiv.

Aurora says its net revenue for the period ended March 31 reached $50.4-million, down 9 per cent from about $55-million the quarter before.

The company’s earnings came days after it announced it will wind down operations at an outdoor grow site in the B.C. Interior because it recently acquired Thrive Cannabis, which has indoor and outdoor grow facilities.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.