Aurora Cannabis Reports Q4 2024 Financial Results

LOS ANGELES- Aurora Cannabis Inc. a Canada-based medical-focused cannabis company, has announced its financial results for the fourth quarter of fiscal 2024. The company reported revenue of $55.9 million, marking a 5% increase from $53.2 million in Q4 2023. This growth was driven by a strong international medical cannabis market and higher consumer demand.

Adjusted EBITDA for Q4 2024 stood at $4.7 million, up from $3.9 million in the same quarter of the previous year. The improvement was attributed to cost reduction initiatives and operational efficiencies. CEO Miguel Martin 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, primarily due to lower impairment charges and better expense control. Martin added, “We remain committed to achieving profitability and are making significant strides in optimizing our operations.”

Operating expenses for the quarter 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, an increase from $98.6 million at the end of Q3 2024.

Reflecting on the overall fiscal year performance, Martin expressed satisfaction: “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 emphasized 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.