Aurora said its plan will target production costs, facility and logistic expenses, organizational efficiencies and insurance and capital markets spending as it hopes to gain more traction when COVID-19 lockdowns have been lifted. We are not simply waiting the process out in anticipation of normalization followed by an eventual rebound, Aurora s chief executive Miguel Martin told analysts Thursday. We are determined to continue pulling the levers that we can to reduce our cost structure and extract further efficiencies from our operations.
Martin s talk of efficiencies comes as he will mark one year at the helm of Aurora in the fall.
Aurora Cannabis reports $164.7 million loss in Q3, launches cost efficiencies plan
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The symbol for Aurora Cannabis appears above a trading post on the floor of the New York Stock Exchange as the Canadian company lists on October 23, 2018. THE CANADIAN PRESS/AP-Richard Drew
Aurora Cannabis Inc. is on the hunt for savings again after reporting a $164.7-million net loss in its latest quarter.
The Edmonton-based company unveiled Thursday a plan to accelerate between $60 million and $80 million in annualized cost efficiencies over the next 12 to 18 months, as its third-quarter loss topped the $139.3-million loss it reported in the same period last year.
The company announced share-sale plans, cost-cutting, & executive changes.
Aurora Cannabis was about 9% down in premarket trading on Thursday.
Aurora Cannabis (TSE: ACB) tanked 9% in the stock market on Friday morning as the company reported another big loss for its fiscal third quarter. The company also announced share-sale plans, cost-cutting, and executive changes late on Thursday.
Aurora Cannabis’ Q3 financial results
Aurora reported C$164.7 million of net loss (£96.50 million) in the third quarter versus the year-ago figure of C$97.5 million (£57.13 million). The cannabis company valued its revenue at C$58.4 million (£34.22 million) in Q3 – an increase from C$53.6 million (£31.40 million) in the same quarter last year.
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