Aurora reports $11.9 million loss in Q1, but says restructuring still underway

EDMONTON – Aurora Cannabis Inc. says it incurred a $11.9 million net loss in its most recent quarter, but uncovered millions more in savings from an ongoing restructuring.

The Edmonton-based cannabis company says its loss in the first quarter of its fiscal year compared with $101.4 million in the same quarter last year.

The company says the loss amounted to six cents per share for the period ended Sept. 30,a drop from a loss of 85 cents per share in the first quarter of the last year.

Aurora's net revenue for the quarter amounted to $60.1 million, down from $67.6 million in the same quarter the year prior.

Aurora was expected to report a loss of $49.6 million per diluted share on $60.6 million of revenues, according to financial data firm Refinitiv.

Aurora spent the quarter working to streamline its operations and says it has identified cash savings of $60 million to $80 million, but only executed on $33 million in annualized run-rate cost savings to date.

This report by The Canadian Press was first published Nov. 9, 2021.

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