Aurora Cannabis shares down after it misses own Q4 revenue guidance
Posted September 12, 2019 8:06 am.
Last Updated September 12, 2019 8:16 am.
EDMONTON — Shares of Aurora Cannabis were down about nine per cent after the pot producer’s fourth-quarter revenues fell short of its own guidance and it reported a $2.2-million loss.
The Edmonton-based company’s stock was at $7.75 in late morning trading, down 8.9 per cent from its previous close of $8.51.
Aurora reported $98.9 million in net revenues for the quarter ended June 30, up from $19.1 million a year ago but lower than the range of between $100 million and $107 million predicted in company estimates released last month.
The cannabis company also reported an adjusted loss before interest, taxes and depreciation of $11.7 million, an improvement from a loss of $36.6 million in the third quarter.
Company executives told analysts Thursday that while they would have liked to reach positive EBITDA, one major constraining factor was the slow rollout of retail stores, particularly in Ontario — Canada’s biggest market for pot.
Chief financial officer Glen Ibbott said the company is “at the mercy” of the retail rollout, and while Ontario has more stores in the pipeline, the province should be licensing “hundreds” of new outlets.
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