On Sept. 11, 2019, Aurora Cannabis (ACB) reported results for fiscal 2019, highlighted by strong sales growth but continued profit losses. However, we’d expect such results from a young company in the budding cannabis industry.
Aurora’s focus on production showed, as 2019 kilograms produced and sold increased 920% and 629% year over year to 57,442 kg and 36,628 kg, respectively, from fiscal 2018. The company's focus on optimization resulted in gross margins of 58% in the fourth quarter, notably higher than other cannabis companies under our coverage. The improvement in gross profit margin was driven by its 20% decrease in production cost to US$1.14 per gram during the quarter, down from US$1.42 in the third quarter.
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