Canadian Weed!

[JohnCM]

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Q4 2018 Highlights:

Revenue of $19,147, up 223% compared to the same period in 2017.

November 9, 2020

Aurora Cannabis Announces Fiscal First Quarter 2021 Results

#1 Canadian Medical Position by Cannabis Net Revenue & Strong International Medical Growth

Cannabis Net Revenue of $67.8 million, Adjusted Gross Margin of 48%, or 52% Excluding Nordic 1 Ramp Up Costs

Achieved Targeted SG&A During Q1 2021

EDMONTON, AB, Nov. 9, 2020 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced its financial and operational results for the first quarter of fiscal 2021 ended September 30, 2020.

First Quarter 2021 Highlights

(Unless otherwise stated, comparisons are made between fiscal Q1 2021 and Q4 2020 results and are in Canadian dollars)

Q1 2021 total and cannabis net revenue1 was $67.8 million, a slight increase from the $67.5 million of cannabis net revenue1 in the prior quarter.

Adjusted gross margin before fair value adjustments on cannabis net revenue1 remained strong at 48%, versus 50% in Q4 2020. Excluding $2.6 million of ramp up costs at Aurora Nordic 1, the Company's Q1 2021 adjusted gross margin before fair value adjustments on cannabis net revenue1 was 52%.

Adjusted EBITDA loss was $57.9 million in Q1 2021, which includes restructuring payments such as contract and employee termination costs of $47.4 million. Excluding these impacts, the Company's Adjusted EBITDA loss, as defined under the term credit facility, is $10.5 million. Aurora was in full compliance with its September 30, 2020 term debt covenants. As a reminder, the Company's goal is to achieve positive Adjusted EBITDA in Q2 2021.

Cash balance at November 6, 2020 was approximately $250 million.

Consumer cannabis:

Consumer cannabis net revenue1 was $34.3 million, a 3% decrease from the prior quarter. Of note, Aurora's consumer cannabis extract net revenue increased by $3.6 million as compared to the prior quarter, driven by Aurora's focus on high-growth extract segments such as vapes, edibles and concentrates, and a $1.1 million increase in U.S. CBD.
Adjusted gross margin before fair value adjustments on consumer cannabis net revenue1 was 38% in Q1 2021 versus 35% in the prior quarter, primarily driven by sales mix shifting toward higher margin derivative products

Medical cannabis:

Medical cannabis net revenue1 was $33.5 million, a 4% increase from the prior quarter. The increase was primarily attributable to a strong performance in the international medical business, which grew 41% quarter over quarter, and from consistent performance in Aurora's leading Canadian medical operation.
Adjusted gross margin before fair value adjustments on medical cannabis net revenue1 was 59% in Q1 2021 versus 67% in the prior quarter. Excluding $2.6 million of ramp-up costs at Aurora Nordic 1, Q1 2021 adjusted gross margin before fair value adjustments on medical cannabis was 67%.

Selling, General and Administrative ("SG&A") and Adjusted EBITDA:

SG&A, including Research and Development ("R&D"), was $46.9 million in Q1 2021, down $19.6 million from the prior quarter as a result of the Company's Business Transformation Plan. Included in SG&A is $4.1 million of costs related to restructuring charges, and severance and benefit costs associated with the Business Transformation Plan. Excluding these impacts, Q1 SG&A and R&D was $42.8 million.

Adjusted EBITDA1 in Q1 2021 was a loss of $57.9 million, compared to the prior quarter Adjusted EBITDA loss of $29.6 million when excluding R&D and other restructuring costs. The Q1 increased loss is primarily attributable to the legal settlement and contract termination fees and costs associated to ongoing severance and benefits associated with the business transformation plan. Excluding these impacts, Adjusted EBITDA loss decreased by $19.1 million, or 64%, to $10.5 million, the third sequential quarter of significantly improved Adjusted EBITDA.
Additional Financial Information:

Capital Expenditures ("CapEx") were approximately $13.2 million in Q1 2021, a decline from the $16.4 million reported in Q4 2020.
Aurora continues to execute its announced plan for reducing production and complexity through the closure of 5 cultivation facilities, with three facilities now fully closed. Supporting the Company's drive to align its production footprint to market and geographic demand, Aurora has also recently received flower and oil sales licensing at its EU GMP certified Aurora Nordic 1 facility, located in Odense, Denmark, which is expected to serve European and international medical markets.