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

Canadian Press - Thu May 12, 4:29PM CDT
Cannabis seedlings at the new Aurora Cannabis facilty Friday, November 24, 2017 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

EDMONTON — Aurora Cannabis Inc.'s 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 to 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 nine per cent from about $55 million the quarter before.

The company's earnings came days after it announced it will 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.

This report by The Canadian Press was first published May 12, 2022.

Companies in this story: (TSX:ACB)