EDMONTON — Aurora Cannabis Inc. says it incurred $3.3 billion in losses in its 2020 fiscal year, including $1.86 billion in its latest quarter due to large impairment charges.
The Edmonton-based cannabis company marked the quarter by taking $1.6 billion in goodwill writedowns, $86.5-million in writedowns related to its production facilities and $135.1 million worth of inventory charges.
It did not disclose its earnings per share for the quarter, but analysts had expected the company to report a loss of 42 cents per share.
Its fourth-quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was negative $34.6 million, compared with a loss of $50.4 million a year earlier.
Net revenue reached $72.1 million for the three months ended June 30, an almost 30 per cent drop from the $98.9 million it reported last year.
Recently appointed CEO Miguel Martin says he is focusing on repositioning the company immediately because it has slipped from its top position in the Canadian consumer cannabis market.
"My focus is therefore to reposition the Canadian consumer business immediately. We look to expand beyond the value flower segment, leverage our capabilities in science and product innovation and put our effort on a finite number of emerging growth formats," he said in a news release.
Martin says he will overhaul Aurora by expanding its affordable flower offerings and increase the company's focus on emerging cannabis formats like pre-rolls, vapes, concentrates and edibles.
This report by The Canadian Press was first published September 22, 2019.
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