(Edmonton) Aurora Cannabis trimmed its net loss by $590.4 million in its most recent quarter as the company continued to focus on cost-saving opportunities.
The Edmonton-based marijuana company said its first-quarter net loss was $28.3 million, compared with a net loss of $618.8 million a year earlier.
Aurora Cannabis attributed the improvement seen in the three months ended June 30 to lower impairment charges and operating expenses as well as an increase in gross profit.
Net revenues for the quarter totaled $75.1 million, compared to $50.1 million in the corresponding period a year earlier.
Some $41.6 million of that net revenue came from Aurora’s medical cannabis business, while $13.2 million was attributable to recreational cannabis.
Aurora previously said it was looking for an additional 40 million in savings to add to the 400 million it estimates it has achieved through its ongoing transformation plan.
