The Canadian company Aurora Cannabis defining the future of cannabis worldwide, today provided a corporate update on selected financial metrics for the fourth quarter of the Company’s Fiscal 2019 (“Q4 2019”) period ended June 30, 2019. This reiteration of guidance and clarification of operations is intended to update our investors as Aurora continues to demonstrate leadership in transparency and disclosure as the industry navigates throughs periods of volatility. Full results will be published prior to September 15, 2019, details for which will be provided in advance.
Based on a preliminary (unaudited) review, the Company anticipates net revenues for the quarter ended June 30, 2019 of between $100 million and $107 million (net of excise taxes), compared to $19.1 million in the period ended June 30, 2018, and compared to $65.1 million for the previous quarter ended March 31, 2019. Fiscal Q4 2019 net cannabis revenue is expected to be between $90 million and $95 million, with growth anticipated across all key business segments including medical, both Canadian and international, and consumer markets.
The Company anticipates total net revenues for the fiscal year ended June 30, 2019 to be between $249 million – $256 million. The Company expects to report that production available for sale for Q4 2019 will be at the upper end of the range between 25,000 kg and 30,000 kg, ahead of previous guidance of 25,000 kgs.
These production and revenue estimates reflect strong delivery against corporate Key Performance Indicators (“KPIs”), the financial metrics the Company uses to evaluate the business on a day-to-day basis. The Company also expects to report sequential quarterly improvements in these KPIs, in particular: gross margins, kilograms of cannabis sold and cash costs per gram produced. The Company continues to track toward positive adjusted EBITDA, and in particular adjusted EBITDA from cannabis operations.
From the beginning, the Company’s core philosophy of “purpose-built facilities” has focused on high quality cultivation of medical grade cannabis globally. This approach is validated by material growth in production and revenue and continued improvement in the above KPIs. Aurora’s management team and Board of Directors continue to drive a culture rooted in quality, transparency, and regulatory compliance. Aurora has grown both organically and through acquisitions of companies with shared visions, and today this culture is ingrained in Aurora’s over 2,500 employees across the globe.
“Our Q4 2019 guidance highlights Aurora’s continued leadership,” said Terry Booth, CEO of Aurora. “We set out to be best-in-class cultivators, and through carefully evaluated acquisitions, that vision continues to drive exceptional results today. We are the leader in cultivation capacity, production available for sale and revenues for cannabis in the Canadian medical and consumer markets. We continue to lead the build out of European and other international medical cannabis markets. Our success to date comes from a focus on quality, regulatory compliance, appropriate Board of Directors oversight, and delivering a profitable, low risk and sustainable business for our shareholders.”
Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 625,000 kg per annum and sales and operations in 25 countries across five continents, Aurora is one of the world’s largest and leading cannabis companies. In addition to the Company’s rapid organic growth and strong execution on strategic M&A, which to date includes 17 wholly owned subsidiary companies. Aurora’s Common Shares trade on the TSX and NYSE under the symbol “ACB”, and is a constituent of the S&P/TSX Composite Index.