Aurora faced a Net loss of $980M

Aurora faced a Net loss of $980M
Aurora faced a Net loss of $980M

Loss never knocks your door with an invitation. The same happened with Aurora. Recently it has been reported that net loss of about US $980 million happened because of the fiscal second quarter. The net revenue of US $47.7 million down from US$53.4 million in fiscal quarter one.

Additionally, it is also reported by the company that International medical Cannabis sharply fell from $3.8 million last quarter to about $1.5 million in this quarter. They mentioned it as a temporary sales interruption.

It also has been seen that the stocks of the company still rise on Thursday but the same has been noticed after the financial report released.

The chief financial officer of Aurora Glen Ibbott also mentioned in a statement that apart from the massive losses the company faced, they are still confident and they depend on the run rate.

Aurora faced a Net loss of $980M
Aurora faced a Net loss of $980M

They also mention about the run rate which is approximately CAD $40 million to CAD $45 million De mention it for the end of the fiscal fourth quarter.

They also mention that transformation actions are waiting this week. Last week they also noticed a positive impact and growth of expense as well.

There are so many changes that will be going to take place and in this one, the primary change is the retirement of co-founder and CEO Terry Booth. Along with the co-founder, two new independent directors will also get added to it.

They are looking forward to a business transformation plan that will help them to get rid of the Loss they face and they are looking forward to 30691 kilograms of Cannabis as well.

They are doing everything which will help them to grow in the market more appropriately. All the measures are taken considered to the same so that nothing will be that can create any issue to them in any case.

Also, the company is expecting that the result of quarter 3 will be much better and they will be able to show the growth as well.

They are expecting that compared to the quarter to reports they are expecting very high reserves and they will do everything which can make it possible.


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