Aurora Cannabis has become the latest Canadian marijuana producer to post a quarterly loss, saying it lost $75.1 million in the final three months of 2021 as its revenues declined 10%.
The Edmonton-based pot company said its consumer cannabis net revenue fell 48% to $14.8 million in its latest quarter from $28.5 million during the same period last year.
However, Aurora's medical cannabis business has experienced some recent gains. Its net revenue stemming from that part of the business amounted to $45.7 million, up 18% from $38.8 million in the same quarter the year earlier.
Across all parts of its business, Aurora sold 14% fewer kilograms of cannabis in the final months of last year, while the average net selling price of dried pot excluding bulk sales dropped 6% to $4.20 from $4.45 a year ago.
The company reported a $75.1 million loss for the period ended December 31, which was an improvement from the $297.9 million loss it recorded during the same period of 2020.
Aurora says its basic and diluted loss per share for the quarter amounted to $0.38 compared with $1.77 in the final quarter of 2020.
Net revenue for the quarter totalled $60.6 million, down 10% from $67.6 million in the same period a year earlier. The company said it believes it will achieve the higher end of its targeted $60 to $80 million savings annually by the first half of 2023.
Aurora Cannabis stock currently trades at $4.59 a share U.S. on the Nasdaq exchange, down 68% in the last 12-months.
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