Financial Performance - Revenue for the three months ended June 30, 2023, was CAD 81,576,000, a 42.1% increase from CAD 57,455,000 in the same period of 2022[7] - Net revenue for the same period was CAD 75,110,000, up 49.9% from CAD 50,116,000 year-over-year[7] - Gross profit for the quarter was CAD 25,035,000, compared to CAD 7,130,000 in the prior year, reflecting a significant improvement[7] - The company reported a net loss of CAD 28,331,000 for the three months ended June 30, 2023, a decrease from a net loss of CAD 618,776,000 in the same quarter of 2022[10] - The net loss from continuing operations for the three months ended June 30, 2023, was $22,204,000, a significant improvement compared to a loss of $617,021,000 in the same period of 2022[17] - The company reported a total comprehensive loss of $26,898,000 for the period ending June 30, 2023[13] - The net loss attributable to Aurora shareholders for the three months ended June 30, 2023, was $26.9 million, compared to a loss of $618.8 million in the same period of 2022[75] - The company reported a net loss before taxes and discontinued operations of $22.108 million for the three months ended June 30, 2023, compared to a net loss of $618.384 million in the same period of 2022[86] Assets and Liabilities - Total assets decreased to CAD 832,188,000 as of June 30, 2023, down from CAD 926,322,000 at the end of March 2023[4] - Total liabilities were CAD 324,256,000 as of June 30, 2023, a reduction from CAD 409,185,000 at the end of the previous quarter[4] - Cash and cash equivalents decreased to CAD 157,855,000 from CAD 234,942,000 in the previous quarter[4] - The company’s total liabilities included accounts payable and accrued liabilities of $62.482 million as of June 30, 2023[90] - Non-current assets, excluding financial instruments, totaled $402.021 million as of June 30, 2023, compared to $417.150 million as of March 31, 2023[86] Cash Flow and Liquidity - The net cash used in operating activities for the three months ended June 30, 2023, was $11,237,000, an improvement from $26,642,000 in the same period of 2022[17] - The company has $1.5 million in future capital commitments due over the next 12 months[82] - The company’s cash and cash equivalents amounted to $157.855 million as of June 30, 2023[90] - The company believes its current liquidity position and access to the 2023 Shelf Prospectus are adequate to fund operating activities for the foreseeable future[98] - The company's primary short-term liquidity needs include funding net operating losses and lease payments[98] Inventory and Production - The total inventory as of June 30, 2023, was $103.008 million, a decrease from $106.132 million as of March 31, 2023, reflecting a 2.0% decline[36] - During the three months ended June 30, 2023, the inventory expensed to cost of goods sold was $64.4 million, down from $67.6 million in the same period of 2022[36] - The company produced 9,585 kilograms of dried cannabis, down from 16,109 kilograms in the same period of 2022[32] - The average selling price per gram of dried cannabis was CAD 5.05 as of June 30, 2023, with a potential impact of CAD 3,738 thousand on fair value for a CAD 1.00 change[32] - The weighted average yield per plant was 57.18 grams, with a sensitivity impact of CAD 1,247 thousand for a 5-gram change[32] Shareholder Information - The company issued 366,542,893 Common Shares as of June 30, 2023, an increase from 345,269,310 shares on March 31, 2023[56] - The weighted average number of common shares outstanding increased to 353,558,623 in Q2 2023 from 249,046,668 in Q2 2022[75] - The average exercise price of outstanding warrants decreased from CAD 7.09 to CAD 6.89 between March 31, 2023, and June 30, 2023[57] Expenses and Cost Management - The company incurred general and administrative expenses of CAD 21,874,000, down from CAD 30,139,000 in the same quarter of 2022[7] - Depreciation expense for the three months ended June 30, 2023, was $9.8 million, down from $14.5 million in the same period of 2022[39] - Share-based compensation for the three months ended June 30, 2023, amounted to $2,281,000, down from $3,472,000 in the same period of 2022[17] Future Outlook - The company’s future outlook includes continued focus on market expansion and product development to drive revenue growth[6] - The company has access to a 2023 Shelf Prospectus covering US$650.0 million of issuable securities, with approximately US$241 million available for potential new issuances[98]

Aurora Cannabis Inc. (NASDAQ:ACB) Q3 2023 Earnings Call Transcript June 14, 2023 8:15 AM ET Company Participants Ananth Krishnan - Vice President, Corporate Development and Strategy Miguel Martin - Chief Executive Officer & Director Glen Ibbott - Chief Financial Officer Conference Call Participants Michael Lavery - Piper Sandler Frederico Gomes - ATB Capital Markets Pablo Zuanic - Zuanic & Associates Robin Holby - TD Cowen Tamy Chen - BMO Capital Markets John Zamparo - CIBC Operator Greetings. Welcome to th ...

[Aurora Cannabis Inc. Press Release - March 30, 2023](index=1&type=section&id=Aurora%20Cannabis%20Inc.%20Press%20Release%20-%20March%2030%2C%202023) [Financial Transaction: Convertible Note Repurchase](index=1&type=section&id=Financial%20Transaction%3A%20Convertible%20Note%20Repurchase) Aurora Cannabis repurchased approximately **$46.6 million** principal of convertible senior notes for **$45.6 million** cash, achieving **$2.6 million** in annualized interest savings and leaving **$103 million** outstanding Convertible Note Repurchase Details | Metric | Amount (CAD) | Amount (USD) | | :--- | :--- | :--- | | **Principal Repurchased** | ~$46.6 million | ~$34.3 million | | **Total Cost (incl. interest)** | $45.6 million | $33.6 million | | **Annualized Interest Savings** | $2.6 million | - | | **Remaining Principal** | ~$103 million | ~$76 million | - The repurchase of the notes was executed at a **2.5% discount** to their par value[2](index=2&type=chunk) [Strategic Rationale and Financial Position](index=1&type=section&id=Strategic%20Rationale%20and%20Financial%20Position) Aurora's note repurchase strategy aims to reduce debt and interest costs, having cumulatively repurchased **$366 million** in notes for **$20 million** in annual savings, reinforcing financial discipline and focus on profitable growth - The primary purpose of the transaction was to **reduce the Company's debt and annual cash interest costs**, reinforcing its commitment to financial discipline[2](index=2&type=chunk) Cumulative Repurchases Since December 2021 | Metric | Amount (CAD) | Amount (USD) | | :--- | :--- | :--- | | **Total Principal Repurchased** | ~$366 million | ~$269 million | | **Total Annual Interest Savings** | ~$20 million | ~$15 million | - Aurora achieved its goal of **Adjusted EBITDA Profitability** for the quarter ended **December 31, 2022**, and expects to continue focusing on profitable growth in global medical and Canadian adult use markets[2](index=2&type=chunk) [Company Overview](index=1&type=section&id=About%20Aurora) Aurora is an Edmonton-based global cannabis company serving medical and consumer markets, with a diverse brand portfolio and a controlling interest in Bevo Farms Ltd., trading on NASDAQ and TSX under 'ACB' - Aurora operates in both the **medical and consumer cannabis markets** with a **portfolio of brands** including Aurora Drift, San Rafael '71, Daily Special, Whistler, MedReleaf, and CanniMed[4](index=4&type=chunk) - The company holds a **controlling interest in Bevo Farms Ltd.**, **North America's leading supplier** of propagated agricultural plants[4](index=4&type=chunk) - Aurora's common shares are traded on the **NASDAQ** and **TSX** exchanges under the ticker symbol **"ACB"**[5](index=5&type=chunk) [Forward-Looking Statements and Risk Factors](index=1&type=section&id=Forward%20Looking%20Statements) This section outlines forward-looking statements concerning financial discipline, interest savings, balance sheet strength, and profitable growth, cautioning that these are subject to various risks and uncertainties detailed in the company's Annual Information Form (AIF) - Key forward-looking statements include the Company's commitment to **financial discipline**, **future interest savings**, **balance sheet strength**, and **continued focus on profitable growth**[6](index=6&type=chunk) - These statements are subject to a variety of **risks and uncertainties** that could cause actual results to differ materially; a comprehensive list is available in the Company's **annual information form** dated September 20, 2022 (the "AIF")[7](index=7&type=chunk) - The Company **disclaims any intention or obligation to update or revise** any forward-looking statements, except as required by applicable securities law[7](index=7&type=chunk)