Aurora Cannabis (NYSE:ACB), one of the most popular marijuana stocks on the market, today released preliminary, unaudited revenue figures for the company’s fourth quarter of fiscal 2019, which concluded at the end of June. These numbers indicate that net revenue for the quarter landed between CA$ 100 million and CA$ 107 million (all figures in this story are in Canadian dollars).
Of this, the company estimates that CA$ 90 million to CA$ 95 million came from cannabis sales.
If realized, that top line would represent a substantial improvement over not only the same quarter of 2018 but also the company’s Q3. In the former period, it took in revenue of just over CA$ 19 million. Aurora’s Q3 net revenue was slightly more than CA$ 65 million. The robust anticipated growth is attributed to higher take in all of the company’s key business segments, as well as in its domestic (Canada) and international markets.
That said, the CA$ 100 million to CA$ 107 million range is lower than the average analyst estimate of CA$ 114 million.
In terms of product, Aurora anticipates that its production available for sale in Q4 will hit the upper end of the 25,000-to-30,000 kilo range. It had previously estimated 25,000 kilos. In Q3, the company’s production amounted to 15,590 kilos, and it sold 9,160 kilos.
For the entirety of fiscal 2019, Aurora believes it will post net revenue of CA$ 249 million to $ 256 million.
Aurora did not provide specific figures or ranges for profitability. It did state that it “continues to track toward positive adjusted EBITDA, and in particular adjusted EBITDA from cannabis operations.” In Q3, the company posted a net loss of more than CA$ 158 million. This was an improvement over the preceding quarter, but it was deeper than both the average analyst estimate and the Q3 2018 shortfall of CA$ 19 million.
The company said it will provide official Q4 and full-year fiscal 2019 results before Sept. 15.
Investors are clearly encouraged by those numbers and the sharp growth they indicate, even though they could very well fall short of analyst projections. Aurora stock is up by 9% in late trading today.