Weed Giant Aurora Posts Gross Profit Collapse: With The Drop From $16M To $583.3K, Does 3 Months Shorter Fiscal Year Matter?
Portfolio Pulse from Vuk Zdinjak
Aurora Cannabis Inc. reported Q3 2023 financial results with a net revenue of CA$64 million, a 4% increase compared to the prior quarter. However, the company's FY 2023 gross profit collapsed to CA$775,000, a 96.3% decrease compared to CA$21.2 million in FY 2022. Aurora expects cannabis net revenue for fiscal Q1 2024 to be largely similar to fiscal Q3 2023.
June 14, 2023 | 1:17 pm
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Aurora Cannabis reported a 4% increase in Q3 2023 net revenue but a 96.3% decrease in FY 2023 gross profit. The company expects similar net revenue for fiscal Q1 2024.
Aurora Cannabis reported a significant decrease in gross profit for FY 2023, which may negatively impact investor sentiment and the stock price in the short term. However, the company's Q3 2023 net revenue increased by 4% and they expect similar net revenue for fiscal Q1 2024, which could provide some support to the stock price.
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