Aurora Cannabis Inc. ACB-T reported revenue in its latest quarter rose compared with a year ago, helped by its acquisition of Bevo Agtech Inc., a supplier of vegetable seedlings and flowers, last year.
The company says the increase came as its adjusted earnings before interest, taxes, depreciation and amortization totalled $310,000 for the quarter ended March 31 compared with a loss of $10-million a year earlier.
Net revenue totalled $64.0-million for what was the company’s third quarter, up from $50.4-million in the same quarter last year.
Aurora says medical cannabis revenue for the quarter totalled $38.0-million, down from $39.4-million, due to limited supply of high-demand products in certain European markets as the company had production issues at its Nordic production facility.
The company says it made a decision in May to close the Nordic facility and to return to providing European supply from Canada, a change it expects to improve reliability of supply and increase gross margins over time.
Consumer cannabis revenue amounted to $14.5-million, up from $10.3-million in the same quarter last year. Aurora also earned $10.8-million in plant propagation revenue from Bevo in the quarter.