Aurora(US:ACB)2023-11-08 16:00Financial Performance - Total revenue for the three months ended September 30, 2023, was CAD 70,482 thousand, an increase of 27.8% compared to CAD 55,120 thousand in the same period of 2022[6]. - Net revenue for the six months ended September 30, 2023, reached CAD 138,451 thousand, up 39.6% from CAD 99,187 thousand in the same period of 2022[6]. - Gross profit before fair value adjustments for the three months ended September 30, 2023, was CAD 18,726 thousand, significantly higher than CAD 1,375 thousand in the same period of 2022[6]. - The company reported a net loss of CAD 2,127 thousand for the three months ended September 30, 2023, compared to a net loss of CAD 51,886 thousand in the same period of 2022[6]. - The comprehensive loss for the six months ended September 30, 2023, was $29,522 thousand, compared to a comprehensive loss of $672,728 thousand for the same period in 2022, indicating a reduction of approximately 95.6%[9]. - The net loss attributable to Aurora shareholders for the six months ended September 30, 2023, was $27.42 million, a significant improvement from a loss of $670.39 million in the same period of 2022[71]. Operational Metrics - The company reported a loss from operations of CAD 11,047 thousand for the three months ended September 30, 2023, an improvement from a loss of CAD 49,821 thousand in the same period of 2022[6]. - The company incurred research and development expenses of CAD 946 thousand for the three months ended September 30, 2023, compared to CAD 1,170 thousand in the same period of 2022[6]. - The company reported a depreciation of property, plant, and equipment of $7,255,000 for the three months ended September 30, 2023, down from $9,339,000 in the same period last year[19]. - The company recognized impairment losses of CAD 20.0 million for the three months ended September 30, 2023, a decrease of 57.8% compared to CAD 47.5 million in the same period of 2022[43]. Assets and Liabilities - Total assets decreased to CAD 818,371 thousand as of September 30, 2023, down from CAD 926,322 thousand as of March 31, 2023[4]. - Total liabilities decreased to CAD 269,323 thousand as of September 30, 2023, compared to CAD 409,185 thousand as of March 31, 2023, reflecting a reduction of 34.2%[4]. - Cash and cash equivalents decreased to CAD 128,917 thousand as of September 30, 2023, from CAD 234,942 thousand as of March 31, 2023[4]. - The total carrying value of property, plant, and equipment as of September 30, 2023, was CAD 306,840,000, down from CAD 322,969,000 on March 31, 2023[46]. Shareholder Information - Shareholders' equity attributable to Aurora Cannabis Inc. increased to CAD 503,781 thousand as of September 30, 2023, from CAD 486,076 thousand as of March 31, 2023[4]. - The total shares outstanding increased from 345,269,310 as of March 31, 2023, to 420,609,141 as of September 30, 2023, reflecting an increase of approximately 21.8%[13]. - Basic loss per share for continuing operations was $0.00 for the three months ended September 30, 2023, compared to a loss of $0.15 in the same period of 2022[71]. Revenue Sources - Canadian Cannabis segment net revenue for the three months ended September 30, 2023, was CAD 46.567 million, up from CAD 37.865 million in the same period of 2022, reflecting a growth of about 23.5%[94]. - Approximately CAD 6.7 million of net revenue for the three months ended September 30, 2023, came from Customer F in the Canadian Cannabis segment, contributing over 10% to the Company's net revenue[97]. - For the six months ended September 30, 2023, net revenues of approximately CAD 18.3 million were generated from Customer G in the Plant Propagation segment, which was a new contributor compared to the same period in 2022[98]. Cash Flow and Financing - Cash used in operating activities for the three months ended September 30, 2023, was $30,882,000, compared to $31,138,000 in the prior year, indicating a slight reduction in cash outflow[19]. - Net cash used in investing activities for the three months ended September 30, 2023, was $3,979,000, a significant decrease from $41,931,000 in the same period last year, suggesting improved cash management[19]. - Proceeds from long-term loans amounted to $3,982,000 for the three months ended September 30, 2023, compared to $842,000 in the same period last year, indicating increased financing activity[19]. - The Company closed a bought deal offering of 53,187,500 common shares at $0.73 per share, resulting in net proceeds of approximately $36.7 million[118]. Discontinued Operations - The net loss from discontinued operations for the three months ended September 30, 2023, was $(2.4) million compared to $(6.4) million in the same period of 2022[55]. - Discontinued operations reported a revenue of $120,000 for the three months ended September 30, 2023, down from $615,000 in the same period of 2022[55]. Government Grants and Provisions - The company recorded a government grant income of $12.55 million during the three months ended September 30, 2023, with no corresponding income in the same period of 2022[72]. - The Company recognized a $1.3 million provision for expected credit losses as of September 30, 2023, down from $3.4 million as of March 31, 2023[107].