reported a net loss of C $ 164.7 million ($ 135.4 million), although that figure was only included deeply in its announcement as part of the reconciliation to its preferred metric, Adjusted EBITDA . In the same quarter a year ago, Aurora reported a loss of C $ 97.5 million. The company did not provide a per share figure or a stock tally.
Analysts projected an average GAAP loss of C $ 36.1 million, Adjusted EBITDA loss of C $ 8.4 million and net income of C $ 56.8 million. U.S.-listed stocks fell about 11% after hours.
“Like many of our peers, the quarter presented challenges in the Canadian adult segment,” CEO Miguel Martin said in a statement. “This reinforces the importance of Aurora’s broadly diversified business model, which balances domestic, international, and adult medical platforms.”
Aurora has had a roller coaster ride in the public markets. The company has jumped to valuations of over $ 10 billion amid the legalization of marijuana in Canada in 2018 and expectations of a gigantic market for marijuana, but disappointing performance through 2019 sent markets plunging. stocks until Aurora was forced to perform a 12-to-1 reverse stock split to prevent her stock from being written off.
Aurora relied on cost cuts and share sales to offset its disappointing financial performance, and announced more from the same Thursday. Aurora said it would further reduce C $ 60 million to C $ 80 million in annualized costs, in addition to an earlier plan to cut C $ 300 million. He also said, at the very bottom of his post, that he planned to file a $ 300 million market offering program, while transferring his U.S. listing from the New York Stock Exchange to the Nasdaq.
Aurora also said she would continue to make changes at the top, with executive chairman Michael Singer stepping down from that role and returning to a simple board seat while Ronald Funk moving up to chairman of a lead independent director. Aurora also brought in two new frameworks focused on supply chain and human resources.
Aurora stock continued to follow a volatile path, but rose 26.2% last year as the S&P 500 SPX index,
gained 44.1%. Over the past two years, however, the stock has lost over 90% of its value.