EDMONTON — Aurora Cannabis Inc. shaved $590.4 million off its net loss in its most recent quarter as it continued to focus on uncovering savings.
The Edmonton-based pot business said its first quarter net loss amounted to $28.3 million compared with a net loss of $618.8 million a year earlier.
It attributed the dramatic decrease seen in the three months ended June 30 to lower impairment charges and operating expenses along with an increase in gross profit.
Net revenue for the quarter totalled $75.1 million, up from $50.1 million a year prior.
Some $41.6 million of that net revenue came from Aurora's medical cannabis business, while $13.2 million was attributable to consumer cannabis.
Aurora previously said it's looking for another $40 million in savings to add to the $400 million it estimates its ongoing transformation plan has uncovered.
This report by The Canadian Press was first published Aug. 10, 2023.
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The Canadian Press
