Aurora Cannabis Inc. (ACB), a global leader in medical cannabis, announced its fiscal year-end results for 2024, showcasing strong financial performance and a solidified position in international markets.
This fiscal year saw Aurora deliver a record $12.8 million in annual adjusted EBITDA and six consecutive quarters of positive adjusted EBITDA.
With a notable 5% increase in Q4 net revenue to $67.4 million and a substantial 20% growth in global medical cannabis net revenue to $45.6 million, Aurora has strengthened its path toward sustainable profitability.
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Key Financial Highlights
Aurora ended fiscal 2024 with $180 million in cash and no debt from its cannabis business, thanks to its final repayment of convertible notes.
Medical cannabis, Aurora’s primary revenue driver, posted a 20% year-over-year increase, driven by increased demand in Australia and Europe.
The company achieved an impressive 66% gross margin in medical cannabis, above its 60% target.
Total Q4 adjusted gross margin was consistent at 49%, with gross profit increasing 8% year-over-year to $33.3 million.
Q4 Operational Performance
Aurora’s Q4 results benefited from new product launches and stronger international demand, with MedReleaf Australia’s acquisition contributing significantly.
Medical cannabis accounted for 68% of Aurora’s total Q4 revenue and 90% of adjusted gross profit.
Aurora’s consumer cannabis revenue saw a decline, reflecting a strategic focus on higher-margin medical markets.
Plant propagation, through the Bevo segment, contributed $10.4 million, consistent with seasonal expectations.
Path to Positive Free Cash Flow
Aurora reaffirms its target of achieving positive free cash flow by the end of 2024. The company aims to leverage international reforms, including Germany, for growth and expects increased revenue from MedReleaf Australia.
Operating cash flow is anticipated to improve in Q1 2025, with expectations of revenue growth in the mid-to-high teens compared to Q4.
Aurora’s CEO, Miguel Martin, commented,
“This year marks our strongest fiscal performance to date. We have strengthened our global footprint in medical cannabis and are on track to achieve positive free cash flow.
Our robust cash position, innovative product launches, and expanding presence in key markets, including Europe and Australia, make us well-positioned for sustainable growth.”
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