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Aurora Q4 Results Impressive: C$19 mil Revenue, More Growth Coming

Aurora Q4 Results Impressive: C$19 mil Revenue, More Growth ComingEdmonton-based global cannabis producer Aurora Cannabis (TSX: ACB) (OTC: ACBFF) announced on September 28 its results for Q4 and FY ending June 30, 2018. Among the impressive results, they reported:

  • Revenue for Q4 up 19% to C$19 million
  • Gross margin of 74% on medical cannabis
  • Q4 positive earnings of C$79 million versus Q3 loss of C$20 million
  • Cost to produce of C$1.70/gram; cost to sell of C$1.87; Total cost $3.57/gram
  • Average selling price of C$8/gram for flower, C$13.50/gr for oil
  • Active patients = 43,308, down 5%
  • 2,216 kgs produced, up 83% from Q3
  • 1,617 kgs sold, up 20% from Q3
  • Annual revenue for fiscal 2018 of C$55 million, up 206% from 2017
  • 11 acquisitions completed and 1 in progress
  • 1,400 employees, up from 300 at end FY 2017.
  • Cannabis inventory, including MedReleaf, of $88.8 million

As of September 2018, Aurora’s annualized production run rate is 45,000 kgs.  Management anticipates over 150,000 kg per year by end 2018, scaling up to 500,000 kg per year.

CEO Booth said, “With production capacity scaling up rapidly, we anticipate accelerated revenue growth during fiscal 2019. We have invested heavily…to drive strong and sustainable long-term growth.”

Aurora intends to list its securities on a senior U.S stock exchange in the near future.

Production and Facilities Update

– Aurora Sky facility is on schedule to reach its full 100,000 kg/yr rate by end 2018 

Aurora Vie is producing at its full rate of 4,000 kg/yr. It produces softgels and has sales license.

Aurora Mountain is expected to reach 6,000 kg/yr rate

– Aurora Eau, its newest facility, is ramping up to 4,500 kg/yr. They will grow exotic strains here. 

– Aurora Nordic Phase I, in Denmark, will ramp up to its full 8,000 kg/yr in the coming months.

– The MedReleaf Bradford facility is ramping to 28,000 kg/yr. Now producing at 10,000 kg. Also makes oil.

– Aurora Sun, on 71 acres in Alberta near the Edmonton International Airport, is being built. It will be a highly automated, 1.2 million sf facility with very-low operating costs, producing 100,000 kg/yr. Construction is on schedule, foundation work begun.

Distribution across Canada

Aurora has supply arrangements with provinces accounting for 98% of Canada’s population. Brands sold by Aurora, its subsidiaries, and partners will be available in Ontario, Québec, Alberta, British Columbia, Saskatchewan, Manitoba, Nova Scotia, the Yukon, Northwest Territories, Prince Edward Island, and Newfoundland and Labrador.

Source Aurora press release

Aurora Q4 Results Impressive: C$19 mil Revenue, More Growth Coming