Aurora Cannabis Inc. (ACB) is a leading global cannabis provider to the industry, as it serves the medical and consumer markets. Its adult-use portfolio includes Aurora Drift, Daily Special, San Rafael ’71 along with certain CBD brands. The company’s medical portfolio includes CanniMed, MedReleaf, and Whistler Medical Marijuana Co.
The price of ACB stock during the regular trading on February 10, 2022, was $4.59 with a 1.08% drop. At last check in the aftermarket, the stock was further down by 4.58%.
ACB: Key Financials
On February 10, 2022, ACB released its financial results for the second fiscal quarter of 2022 ended December 2021. Some of the major highlights are discussed below.
Revenue
Total net revenue in the second quarter of 2022 was C$60.5 million versus C$67.6 million in the same period of 2021. Total revenue decreased in the yearly period by C$7.08 million or 10%.
EPS
Basic and diluted net loss per share in Q2 2022 was C$75.1 million or $0.38 compared to C$297.9 million or $1.77 in the same period of 2021.
ACB: Events and Happenings
On February 3, 2022, ACB’s subsidiary Relive reported about the launch of KG7. It is a high-quality CBD portfolio prepared according to the needs of adult consumers with an active lifestyle. On January 4, 2022, ACB updated about delivering the cannabis shipment worth C$10 million to Israel.
On December 14, 2021, ACB along with 22nd Century Group, Inc. informed about a three-way non-exclusive contract to license biosynthesis intellectual property to Cronos Group Inc. The intention of the contract is to contribute in the research and development advancement of cannabinoid biosynthesis.
On December 13, 2021, ACB was acknowledged by The Globe and Mail’s 2021 annual Report on Business review of Corporate Boards. The company received 77/100 eligible points, positioned notably higher than other cannabis companies.
Conclusion
ACB underplayed by 68% in the previous year as economic conditions were in an appalling state due to pandemics. The recent aftermarket stock decline is because the company didn’t meet its expectations in the second quarter of 2022. The revenue in the year-ago period was more than its current-quarter revenue.
