Sales of Aurora Cannabis Inc. marijuana increased as COVID-19 spread around the world in the first three months of the year, and the company's beleaguered and recently pooled actions were turned upside down in after-hours exchanges Thursday.
Alberta weed management company said third quarter revenues, after excise duty deduction, increased to C $ 75.5 million from C $ 65.1 million. Canadian dollars in the prior year quarter and 56 million Canadian dollars in the previous quarter, with total recreational marijuana sales of Can $ 41.5 million and a medical boat of Can $ 31.9 million .
Analysts polled by FactSet had forecast a profit of C $ 66.7 million and a net loss of 77 cents per share. Aurora did not provide a net loss figure in its press release, after losing $ 160.2 million, or $ 1.92, a year ago.
The shares rose about 10% in the extended session immediately after the results were released, after a gain of 14% to $ 6.61 in the regular session. The title lost 75% of its value this year, like the Cannabis ETF
THCX
+ 2.50%
, which follows a basket of marijuana stocks, is down 35%.
Aurora completed a 12-for-one share consolidation on Monday in response to a threat of foreclosure on the New York Stock Exchange after its shares traded below $ 1. The move reduced its free float by more than a billion shares. to about 100 million.
Do not get lost:Aurora Cannabis accumulates its shares in a reverse stock split – that's what you need to know
Aurora also announced plans to sell small lots of shares at market prices to raise funds. The company is struggling to maintain a cash-rich balance sheet that rivals Canopy Growth Corp.
CGC
+ 2.21%
GRASS,
+ 1.99%
and Cronos Group Inc.
CRON,
+ 2.06%
CRON,
+ 1.31%
show off.
The company's share price has plummeted as it failed to meet its promised profit targets. Aurora dismissed several senior executives who had been part of the company since its inception, prompting Michael Singer to take on the interim leadership.