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Revenues rise for Edmonton’s Aurora Cannabis

Published on November 8, 2024 by Pat Bulmer

Photo: Contributed

International markets are boosting revenues for Edmonton-based Aurora Cannabis.

“Total net revenue was $81.1 million, as compared to $63.1 million in the prior year period,” the company reported Nov. 6 as it delivered its second-quarter fiscal results.

“International revenue increased 93% to $35 million, exceeding Canadian medical revenue for the first time,” the company said in a news release.

Aurora cited Australia, Germany, Poland and the UK as rapidly growing markets for the company.

The 29% revenue increase over a year earlier “was mainly due to 41% growth in our global medical cannabis business and 21% growth in our plant propagation business, slightly offset by lower quarterly revenue in our consumer cannabis business,” the company said.

Consumer sales were down, but the company said that was a deliberate decision.

“Plant propagation net revenue … contributed $8.6 million of net revenue, a 21% increase compared to $7.2 million in the prior year quarter.” The company operates a giant greenhouse business in British Columbia after acquiring Bevo Agtech two years ago.

Other key financial numbers improved as well, the company said.

“Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased 210% to $10.1 million for the three months ended Sept. 30, compared to $3.3 million for the prior year quarter.”

Net income for the three months ending Sept. 30 was $1.7 million compared to net income of $0.4 million for the prior year period, the company said.