By Canadian Press

AURORA EARNINGS REPORT

Aurora reports Q2 loss following layoffs, writedown and CEO departure

Feb 13, 2020 | 7:22 AM

EDMONTON- Aurora Cannabis says it incurred a loss in its second quarter that was fuelled by a recent $1-billion writedown taken by the company.

The Edmonton-based business says net revenue for the three months ended Dec. 31 was $56 million, up from $54.2 million a year earlier but down from roughly $75 million in the prior quarter ended Sept. 30.

The company’s net income and earnings per share weren’t included in its press release.

Aurora’s earnings report comes a week after chief executive Terry Booth stepped down, the company undertook $1 billion in goodwill writedowns and announced a 500-employee layoff as part of a restructuring of its spending plans.

It states the adjusted EBITDA loss for the third quarter widened to $80.2 million from $39.7 million in the quarter before, due to the revenue decline and increased production costs associated with the launch of cannabis edibles and vapes.

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Aurora was further hampered because it produced 30,691 kilograms of cannabis compared with 41,436 kilograms in the quarter before as it changed its cultivation strategies to accommodate more high-value and high potency strains.