The TDR Three Key Takeaways regarding Aurora Cannabis Q4 Fiscal 2024 Earnings Report:
Aurora Cannabis reported Q4 2024 revenue of $55.9 million, a 5% increase from $53.2 million in Q4 2023.
Aurora Cannabis reported adjusted EBITDA, improved to $4.7 million from $3.9 million in Q4 2023.
The company reported net loss decreased to $28.3 million compared to $32.4 million in Q4 2023.
Aurora Cannabis Inc. (TSX: ACB, NASDAQ: ACB), is a Canada-based medical focused cannabis company. The Company’s principal business lines are focused on the production, distribution, and sale of cannabis related products in Canada and internationally. The Company announced its financial results for the fourth quarter of fiscal 2024. The company reported revenue of $55.9 million, a 5% increase from $53.2 million in Q4 2023, driven by strong growth in the international medical cannabis market and higher consumer demand.
Adjusted EBITDA for Q4 2024 was $4.7 million, up from $3.9 million in Q4 2023. This improvement was attributed to cost reduction initiatives and operational efficiencies. Miguel Martin, CEO of Aurora Cannabis, stated, “Our strategic focus on high-margin medical cannabis and disciplined cost management has yielded positive adjusted EBITDA for the quarter.”
The net loss for Q4 2024 decreased to $28.3 million from $32.4 million in Q4 2023. This reduction was primarily due to lower impairment charges and better expense control. “We remain committed to achieving profitability and are making significant strides in optimizing our operations,” Martin added.
Aurora’s operating expenses were $18.2 million, down from $20.5 million in Q4 2023, reflecting ongoing efforts to streamline operations. The company ended Q4 2024 with $110.7 million in cash and cash equivalents, up from $98.6 million at the end of Q3 2024.
Miguel Martin expressed his enthusiasm about the overall fiscal year performance: “We are incredibly pleased to be reporting our strongest fiscal year ever at Aurora. Total fiscal year 2024 net revenue increased 21% compared to the trailing four quarters, while adjusted EBITDA was positive on an annualized basis for the first time in our history, reaching $12.8 million. We also strengthened our balance sheet, ending with a strong net cash position of approximately $180 million as of March 31st, and fully repaid our convertible debt.”
Martin highlighted Aurora’s leadership in the global medical cannabis market: “Aurora is the largest global medical cannabis company in nationally legal markets and our leadership is best differentiated by serving the diverse needs of patients across the world. In Q4 2024, global medical cannabis net revenue increased 20% year-over-year, supported by the recent acquisition of MedReleaf Australia, where we saw significant growth, along with higher sales in Poland and the UK. We also achieved our highest quarterly adjusted gross margin in medical cannabis of 66%, far ahead of our targeted range of 60%. These results are encouraging as we continue to progress towards our next milestone of positive free cash flow by December 31st,” concluded Martin.
Looking forward, Aurora Cannabis aims to expand its product offerings and enhance its global presence. The company is optimistic about the potential for regulatory advancements and continued growth in the medical cannabis sector. Want to be updated on Cannabis, AI, Small Cap, and Crypto? Subscribe to our Daily Baked in Newsletter!