They were up another 17% on the Toronto Stock Exchange on Thursday, at $8.88 in morning trade.
That’s because Aurora’s financial results exceeded analyst expectations, with net revenue reaching $88.1 million for the quarter ending December 31 — a 37% year-over-year increase. Adjusted earnings jumped 316%, driven by strong medical cannabis sales in Europe, Australia, Poland and the UK.
“This quarter was record-breaking for Aurora, driven by all-time highs in global medical net revenue, net income, adjusted EBITDA, and free cash flow,” said CEO Miguel Martin.
Aurora’s strong earnings sparked a rally across the struggling Canadian cannabis sector, with Canopy Growth (CGC) gaining 11%, Cronos Group (CRON) rising 2%, and SNDL Inc (SNDL) up 4%. Investors are betting that Aurora’s success could be replicated by other Canadian cannabis firms looking beyond their home market for growth.
Analysts pointed to outright legalization in…
