Aurora Cannabis Announces Fiscal First Quarter 2021 Results
-- #1 Canadian Medical Position by Cannabis Net Revenue & Strong
International Medical Growth
-- Cannabis Net Revenue of $67.8 million, Adjusted Gross Margin of 48%, or
52% Excluding Nordic 1 Ramp Up Costs
-- Achieved Targeted SG&A During Q1 2021
NYSE | TSX: ACB
EDMONTON, AB, Nov. 9, 2020 /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced its financial and operational results for the first quarter of fiscal 2021 ended September 30, 2020.
"We continue to take the necessary steps to execute our plan and transform our business to achieve sustainable profitability, and ultimately positive cash flow," stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. "Our Q1 2021 results are transitional but do highlight successes across a number of diverse profit pools. We remain the leader by revenue in the high-margin Canadian medical market, our international medical business experienced more than 40% net revenue growth this quarter, and our CBD brand Reliva is #1 ranked by Nielsen in the U.S. CBD sector."
"While we are not satisfied with our past performance in the growing Canadian consumer business, we have a sense of urgency in the execution of our tactical plan to grow profitable market share. Our efforts are directed at delivering the highest quality products, refocusing on our leading premium and ultra-premium brands, better allocating our sales and marketing spend, and executing key account partnerships at both the province and retail levels."
"We have also taken action to improve our liquidity and strengthen our balance sheet. It was a responsible decision to raise capital using our ATM in today's environment and the cash is expected to ensure we have the runway needed to compete with our peers. Cannabis companies are being evaluated on both their business performance and liquidity and we wanted to ensure that we are addressing both. I remain confident in Aurora's prospects and it is my utmost priority to secure our winning future."
First Quarter 2021 Highlights
(Unless otherwise stated, comparisons are made between fiscal Q1 2021 and Q4 2020 results and are in Canadian dollars)
Q1 2021 total and cannabis net revenue(1) was $67.8 million, a slight increase from the $67.5 million of cannabis net revenue(1) in the prior quarter.
Adjusted gross margin before fair value adjustments on cannabis net revenue(1) remained strong at 48%, versus 50% in Q4 2020. Excluding $2.6 million of ramp up costs at Aurora Nordic 1, the Company's Q1 2021 adjusted gross margin before fair value adjustments on cannabis net revenue(1) was 52%.
Adjusted EBITDA loss was $57.9 million in Q1 2021, which includes restructuring payments such as contract and employee termination costs of $47.4 million. Excluding these impacts, the Company's Adjusted EBITDA loss, as defined under the term credit facility, is $10.5 million. Aurora was in full compliance with its September 30, 2020 term debt covenants. As a reminder, the Company's goal is to achieve positive Adjusted EBITDA in Q2 2021.
Cash balance at November 6, 2020 was approximately $250 million.
Consumer cannabis:
-- Consumer cannabis net revenue(1) was $34.3 million, a 3% decrease from
the prior quarter. Of note, Aurora's consumer cannabis extract net
revenue increased by $3.6 million as compared to the prior quarter,
driven by Aurora's focus on high-growth extract segments such as vapes,
edibles and concentrates, and a $1.1 million increase in U.S. CBD.
-- Adjusted gross margin before fair value adjustments on consumer cannabis
net revenue(1) was 38% in Q1 2021 versus 35% in the prior quarter,
primarily driven by sales mix shifting toward higher margin derivative
products
Medical cannabis:
-- Medical cannabis net revenue(1) was $33.5 million, a 4% increase from
the prior quarter. The increase was primarily attributable to a strong
performance in the international medical business, which grew 41%
quarter over quarter, and from consistent performance in Aurora's
leading Canadian medical operation.
-- Adjusted gross margin before fair value adjustments on medical cannabis
net revenue(1) was 59% in Q1 2021 versus 67% in the prior quarter.
Excluding $2.6 million of ramp-up costs at Aurora Nordic 1, Q1 2021
adjusted gross margin before fair value adjustments on medical cannabis
was 67%.
Selling, General and Administrative ("SG&A") and Adjusted EBITDA:
-- SG&A, including Research and Development ("R&D"), was $46.9 million in
Q1 2021, down $19.6 million from the prior quarter as a result of the
Company's Business Transformation Plan. Included in SG&A is $4.1 million
of costs related to restructuring charges, and severance and benefit
costs associated with the Business Transformation Plan. Excluding these
impacts, Q1 SG&A and R&D was $42.8 million.
-- Adjusted EBITDA(1) in Q1 2021 was a loss of $57.9 million, compared to
the prior quarter Adjusted EBITDA loss of $29.6 million when excluding
R&D and other restructuring costs. The Q1 increased loss is primarily
attributable to the legal settlement and contract termination fees and
costs associated to ongoing severance and benefits associated with the
business transformation plan. Excluding these impacts, Adjusted EBITDA
loss decreased by $19.1 million, or 64%, to $10.5 million, the third
sequential quarter of significantly improved Adjusted EBITDA.
Additional Financial Information:
-- Capital Expenditures ("CapEx") were approximately $13.2 million in Q1
2021, a decline from the $16.4 million reported in Q4 2020.
-- Aurora continues to execute its announced plan for reducing production
and complexity through the closure of 5 cultivation facilities, with
three facilities now fully closed. Supporting the Company's drive to
align its production footprint to market and geographic demand, Aurora
has also recently received flower and oil sales licensing at its EU GMP
certified Aurora Nordic 1 facility, located in Odense, Denmark, which is
expected to serve European and international medical markets.
_________________________________
1
These terms are non-GAAP measures, see "Non-GAAP Measures" below.
Fiscal Q1 2021 Cash Use: Significant Improvement in Cash Used in Operations
Total cash use in Q1 2021 was similar to the prior quarter. However, the mix within the use of cash showed significant positive progress.
In Q1 2021, the Company used $25.2 million in cash to fund operations, excluding working capital investments, and used $47.4 million for contract and employee termination costs, including the previously announced exit of the UFC agreement. Cash used to pay for capital expenditures in Q1 2021 was $15.0 million versus $32.0 million in the prior quarter, as many long-lead projects are now complete. Cash used in operations and for capital expenditures are crucial metrics in Aurora's drive toward generating sustainable positive free cash flow, and both have improved significantly and consistently over the past several quarters.
Increased net working capital used $37.0 million in the quarter, driven by a $13.8 million increase in accounts receivable and a $25.1 million increase in inventory. The Company continues to execute plans to more closely align production levels with demand.
Given Aurora's continued strong gross margins, reduced level of SG&A expense and capital expenditures, and ongoing improvements in working capital investment, management expects the Company to continue its move toward positive cash flow during fiscal 2021.
The main components of cash source and use in Q1 2021 were as follows:
($ thousands) Q1 2021
---
Cash Flow
---
Cash, Opening $162,179
Cash used in operations excluding legal ($25,199)
settlement, contract termination fees and
restructuring costs
Working capital change ($37,012)
Legal settlement, contract termination fees and ($47,381)
restructuring costs
Capital expenditures ($14,980)
Debt and interest payments ($18,212)
---
Cash use ($142,784)
Proceeds raised from sale of marketable
$-
securities and investments in associates
Proceeds raised through ATM $114,283
---
Cash raised $114,283
Cash, Ending $133,678
---
(1) Refer to "Condensed Consolidated
Interim Statement of Cash Flows"
in the "Condensed Consolidated
Interim Financial Statements
(unaudited)" for our cash flow
statements prepared in
accordance with IAS 7 -
Statement of Cash Flows.
Q1 2021 Key Financial and Operational Metrics
Base Shelf Prospectus
($ thousands, except Operational Results) Q1 2021 Q4 2020 (8)
$ Change %
---
Financial Results
---
Total net revenue (1) $67,812 $68,728 ($916) (1)%
Cannabis net revenue (1)(2)(3a) $67,812 $67,492 $320 0%
Medical cannabis net revenue (2)(3a) $33,474 $32,226 $1,248 4%
Consumer cannabis net revenue (1)(2)(3a) $34,338 $35,266 ($928) (3)%
Adjusted gross margin before FV adjustments on 48
% 50
% N/A (2)%
cannabis net revenue (2)(3b)(4)
Adjusted gross margin before FV adjustments on 59
% 67
% N/A (8)%
medical cannabis net revenue (2)(3b)(4)
Adjusted gross margin before FV adjustments on 38
% 35
% N/A 3%
consumer cannabis net revenue (2)(3b)
SG&A expense $44,324 $58,870 ($14,546) (25)%
R&D expense $2,584 $7,646 ($5,062) (66)%
Adjusted EBITDA (3c)(5) ($57,891) ($32,263) ($25,628) (79)%
Balance Sheet
---
Working capital $201,425 $148,483 $52,942 36%
Cannabis inventory and biological assets (6) $166,178 $139,198 $26,980 19%
Total assets $2,757,272 $2,783,145 ($25,873) (1)%
Operational Results - Cannabis
---
Average net selling price of dried cannabis (2) $3.72 $3.60 $0.12 3%
Kilograms sold (7) 16,139 16,748 (609) (4)%
---
(1) Includes the
impact of actual
and expected
product returns
and price
adjustments
(three months
ended September
30, 2020 -$0.8
million; three
months ended
June 30, 2020 -
$1.9 million).
(2) These terms are
defined in the
"Non-GAAP
Measures"
section below.
(3) Refer to the
following
sections for
reconciliation
of non-GAAP
measures to the
IFRS equivalent
measure:
a. Refer to the "Net Revenue"
section for a reconciliation of
cannabis net revenue to the IFRS
equivalent.
b. Refer to the "Adjusted Gross
Margin" section for
reconciliation to the IFRS
equivalent.
c. Refer to the "Adjusted EBITDA"
section for reconciliation to
the IFRS equivalent.
(4) Included in Q1
2021 Adjusted
gross margin
before FV
adjustments on
cannabis net
revenue and
Adjusted gross
margin before FV
adjustments on
medical cannabis
net revenue is
$2.6 million of
additional cost
of sales from
the ramp up of
European
operations after
receiving our
sales license
for the Aurora
Nordic 1
facility.
Removing this
charge, for
which a nominal
amount of
revenue had been
recognized,
would result in
these measures
being reported
as 52% and 67%,
respectively.
(5) Included in Q1
2021 Adjusted
EBITDA is $43.3
million from
contract and
legal
termination
costs and $4.1
million from
ongoing divested
businesses and
severance and
benefits costs
associated with
our business
transformation
plan. Excluding
these expenses,
Adjusted EBITDA
loss, as defined
under the term
credit facility,
is $10.5
million.
(6) Represents total
biological
assets and
cannabis
inventory,
exclusive of
merchandise,
accessories,
supplies and
consumables.
(7) The kilograms
sold is offset
by the grams
returned during
the period.
(8) As a result of
the Company's
divestment of
its wholly owned
subsidiaries
Aurora Larssen
Projects Ltd.
("ALPS") and
Aurora Hemp
Europe ("AHE"),
the operations
of ALPS and AHE
have been
presented as
discontinued
operations and
the Company's
operational
results have
been
retroactively
restated, as
required. Refer
to Note 10(b) of
the Financial
Statements for
more information
about the
divestiture.
On October 27, 2020, Aurora announced its completion of the previously filed At-The-Market ("ATM") program and the filing of a new short form base shelf prospectus. The new base shelf prospectus is expected to provide the Company with continued financial flexibility going forward.
Conference Call
Aurora will host a conference call today, November 9, 2020, to discuss these results. Miguel Martin, Chief Executive Officer, and Glen Ibbott, Chief Financial Officer, will host the call starting at 8:30 a.m. Eastern time. A question and answer session will follow management's presentation.
DATE:
Monday, November 9, 2020
TIME:
8:30 a.m. Eastern Time | 6:30 a.m. Mountain Time
WEBCAST:
http://public.viavid.com/index.php?id=142058
About Aurora
Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis dedicated to helping people improve their lives. The Company's brand portfolio includes Aurora, Aurora Drift, San Rafael '71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva. Providing customers with innovative, high-quality cannabis and hemp products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they are launched. For more information, please visit our website at www.auroramj.com.
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.
Forward Looking Statements
This news release includes certain statements which may constitute "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities law requirements (collectively, "forward-looking statements" or "FLS"). These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these FLS, except as required under applicable securities legislation. FLS relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events. In certain cases, FLS can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. In this document, certain forward-looking statements are identified by words including "may", "future", "expected", "intends" and "estimates". By their very nature FLS involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the FLS. The Company provides no assurance that FLS will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on FLS. Certain FLS in this press release include, but are not limited to the following:
-- pro forma measures including revenue, adjusted gross margin before fair
value adjustments, and expected SG&A run-rates, and grams produced;
-- the completion of construction of production facilities, associated
costs, and receipt of licenses from Health Canada to produce and sell
cannabis and cannabis related products from these facilities;
-- strategic investments and capital expenditures, and related benefits;
-- future strategic plans;
-- growth in the global consumer use cannabis market;
-- expectations regarding production capacity, costs and yields;
-- product sales expectations and corresponding forecasted increases in net
revenue; and
-- the impact of the COVID-19 pandemic on the Company's business,
operations, capital resources and/or financial results.
The above and other aspects of the Company's anticipated future operations are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these FLS are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Such FLS are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, including the current outbreak of COVID-19. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information.
Should one or more of these risks or uncertainties materialize, or should underlying factors or assumptions prove incorrect, actual results may vary materially from those described in forward looking statements. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable.
Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to the Company on the date hereof, no assurance can be given as to future results, approvals or achievements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The Company disclaims any duty to update any of the forward-looking statements after the date of this Annual Information form except as otherwise required by applicable law.
Non-GAAP Measures
The Company uses certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. For an explanation of these measures to related comparable financial information presented in the consolidated financial statements prepared in accordance with IFRS, refer to the discussion below. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. These Non-GAAP Measures include, but are not limited, to the following:
-- Cannabis net revenue represents revenue from the sale of cannabis
products, excluding excise taxes. Cannabis net revenue is further broken
down as follows:
-- Medical cannabis net revenue represents Canadian and international
cannabis net revenue for medical cannabis sales only, excluding
wholesale bulk cannabis net revenue.
-- Consumer cannabis net revenue represents cannabis net revenue for
consumer cannabis sales only.
-- Management believes the cannabis net revenue measures provide more
specific information about the net revenue purely generated from our
core cannabis business and by market type.
-- Average net selling price per gram and gram equivalent is calculated by
taking cannabis net revenue divided by total grams and grams equivalent
of cannabis sold in the period. Average net selling price per gram and
gram equivalent is further broken down as follows:
-- Average net selling price per gram of dried cannabis represents the
average net selling price per gram for dried cannabis sales only,
excluding wholesale bulk cannabis sold in the period.
-- Average net selling price per gram and gram equivalent of consumer
cannabis represents the average net selling price per gram and gram
equivalent for dried cannabis and cannabis extracts sold in the
consumer market.
-- Management believes the average net selling price per gram or gram
equivalent measures provide more specific information about the pricing
trends over time by product and market type.
-- Adjusted gross profit before FV adjustments on cannabis net revenue
represents cash gross profit and gross margin on cannabis net revenue
and is calculated by subtracting from total cannabis net revenue (i)
cost of sales, before the effects of changes in FV of biological assets
and inventory; (ii) cost of sales from non-cannabis auxiliary support
functions; and removing (iii) depreciation in cost of sales; and (iv)
cannabis inventory impairment. Adjusted gross margin before FV
adjustments on cannabis net revenue is calculated by dividing adjusted
gross profit before FV adjustments on cannabis net revenue divided by
cannabis net revenue. Adjusted gross profit and gross margin before FV
adjustments on cannabis net revenue is further broken down as follows:
-- Adjusted gross profit and gross margin before FV adjustments on
medical cannabis net revenue represents adjusted gross profit and
gross margin before FV adjustments on sales generated in the medical
market only.
-- Adjusted gross profit and gross margin before FV adjustments on
consumer cannabis net revenue represents adjusted gross profit and
gross margin before FV adjustments on sales generated in the
consumer market only.
-- Management believes that these measures provide useful information to
assess the profitability of our cannabis operations as it represents the
cash gross profit and margin generated from cannabis operations and
excludes the effects of non-cash FV adjustments on inventory and
biological assets, which are required by IFRS.
-- Adjusted EBITDA is calculated as net (loss) income excluding interest
income (expense), accretion, income taxes, depreciation, amortization,
changes in fair value of inventory sold, changes in fair value of
biological assets, share-based compensation, acquisition costs, foreign
exchange, changes in fair value of financial instruments, gains and
losses on deemed disposal, and non-cash impairment of intangibles,
goodwill, inventory, property, plant and equipment and other assets.
Adjusted EBITDA is intended to provide a proxy for the Company's
operating cash flow and is widely used by industry analysts to compare
Aurora to its competitors, and derive expectations of future financial
performance for Aurora. Adjusted EBITDA increases comparability between
comparative companies by eliminating variability resulting from
differences in capital structures, management decisions related to
resource allocation, and the impact of FV adjustments on biological
assets and inventory and financial instruments, which may be volatile
and fluctuate significantly from period to period.
Non-GAAP measures should be considered together with other data prepared accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Reconciliation of Non-GAAP Measures
Net Revenue
Three months ended
September 30, 2020 June 30, 2020
(1)
Medical cannabis net revenue 33,474 32,226
Consumer cannabis net revenue 34,338 35,266
Total cannabis net revenue 67,812 67,492
Ancillary net revenue 1,236
---
Total net revenue 67,812 68,728
---
(1) As a result of the Company's
divestment of its wholly owned
subsidiary AHE, the operations
of AHE have been presented as
discontinued operations and the
Company's operational results
have been retroactively
restated, as required. Refer to
Note 10(b) of the Financial
Statements for more information
about the divestitures.
Discontinued operations from
AHE had incurred ancillary net
revenue of $0.5 million and
$3.4 million for the three
months ended September 30, 2020
and June 30, 2020,
respectively.
Adjusted Gross Margin
($ thousands) Medical Cannabis Consumer Ancillary Total
Cannabis
---
Three months ended September 30, 2020 (1)
Net revenue 33,474 34,338 67,812
Cost of sales (18,150) (25,144) (43,294)
---
Gross profit before FV adjustments 15,324 9,194 24,518
Depreciation in cost of sales 4,587 3,783 8,370
Adjusted gross profit before FV adjustments 19,911 12,977 32,888
Adjusted gross margin before FV adjustments 59 38 % 48
%
% %
---
Three months ended June 30, 2020
(1)
Net revenue 32,226 35,266 1,236 68,728
Cost of sales (32,118) (100,266) (6,448) (138,832)
---
Gross profit (loss) before FV adjustments 108 (65,000) (5,212) (70,104)
Depreciation 3,073 4,703 7,776
Inventory impairment in cost of sales 18,260 72,749 5,853 96,862
---
Adjusted gross profit before FV adjustments 21,441 12,452 641 34,534
Adjusted gross margin before FV adjustments 67 35 52 50
%
% % %
---
(1) As a result of the Company's
divestment of its wholly owned
subsidiary AHE, the operations
of AHE have been presented as
discontinued operations and the
Company's operational results
have been retroactively
restated, as required. Please
see Note 10(b) of the Financial
Statements for more information
about the divestiture.
Discontinued operations from
AHE had incurred a nominal
adjusted gross loss before FV
adjustments for the three
months ended September 30, 2020
and $1.1 million for the three
months ended June 30, 2020,
respectively.
Adjusted EBITDA
($ thousands)
---
September 30, 2020 (1) June 30, 2020 (1)
---
Net (loss) income from continuing operations (107,160) (1,851,023)
Finance costs 14,691 29,101
Interest (income) expense (1,267) 483
Income tax expense (recovery) 611 (68,114)
Depreciation and amortization 22,444 22,472
---
EBITDA (70,681) (1,867,081)
Changes in fair value of inventory sold 3,304 43,153
Unrealized gain on changes in fair value of biological assets (5,407) (11,879)
Share-based compensation 6,861 6,021
Acquisition costs 1,104 2,170
Foreign exchange loss (gain) (7,427) (3,001)
Share of loss from investment in associates 373 2,601
Losses (gains) on financial instruments (2) 7,366 (3,265)
Losses (gains) on deemed disposal of significant influence investment 1,443 (11,955)
Losses on disposal of assets held for sale and property, plant, and 922
equipment
Restructuring charges 210 1,947
Impairment of inventory, investment in associate, property, plant and 4,041 1,809,026
equipment, intangibles, and goodwill
---
Adjusted EBITDA (4) (57,891) (32,263)
---
(1) As a result of the Company's
divestment of its wholly owned
subsidiaries ALPS and AHE, the
operations of ALPS and AHE have
been presented as discontinued
operations and the Company's
operational results have been
retroactively restated, as
required. Refer to Note 10(b) of
the Financial Statements for more
information about the divestiture.
Including the results of ALPS and
AHE, adjusted EBITDA loss would
have been $58.4 million and $34.4
million for the three months ended
September 30, 2020 and June 30,
2020, respectively.
(2) Includes fair value changes on
derivative investments, derivative
liability, contingent
consideration, and (gain) loss on
the modification of debt. Refer to
Note 19 of the Financial
Statements.
Included in the three months ended September 30, 2020 Adjusted EBITDA loss is $43.3 million of legal settlement and contract termination fees (three months ended June 30, 2020 - $0.8 million) and $4.1 million (three months ended June 30, 2020 - $1.9 million) related restructuring charges, severance and benefits associated with the business transformation plan. Excluding these impacts, Adjusted EBITDA loss, as defined under the term credit facility, is $10.5 million (three months ended June 30, 2020 - $29.6 million).
View original content to download multimedia:http://www.prnewswire.com/news-releases/aurora-cannabis-announces-fiscal-first-quarter-2021-results-301168377.html
SOURCE Aurora Cannabis Inc.
