Aurora ended the fiscal year with no debt on its cannabis business.

Aurora Cannabis (NASDAQ: ACB) posted fiscal year 2024 fourth-quarter results ending March 31 that surpassed analyst expectations for revenue, while also posting record adjusted EBITDA and narrowing its net loss.

The Edmonton-based company’s fourth-quarter revenue came in at $67.4 million, beating analyst expectations of $51.38 million and increasing 5% from $63.9 million in the same quarter last year.

Aurora reported a net loss from continuing operations of $20.8 million for the fourth quarter, a significant improvement from the $76.2 million loss in the same period last year. For the full fiscal year 2024, the net loss from continuing operations was $59 million, versus $183.2 million for the nine months ending March 31, 2023.

The company achieved record adjusted EBITDA of $12.8 million for the fiscal year, versus an adjusted EBITDA loss of $400,000 in the previous year. Total revenue for the year increased 21% to $270.3 million from $173.7 million in the previous nine-month fiscal period.

“We are incredibly pleased to be reporting our strongest fiscal year ever at Aurora,” CEO Miguel Martin said in a statement. “We also strengthened our balance sheet…and fully repaid our convertible debt.”

The company’s global medical cannabis net revenue grew 20% year-over-year in the fourth quarter to $45.6 million, driven by expansion in Australia and key European markets. Medical cannabis sales accounted for 68% of Aurora’s total fourth-quarter revenue, up from 59% in the same quarter last year.

Aurora ended the fiscal year with approximately $180 million in cash, down from $234.9 million at the end of the previous fiscal year, but with no debt on its cannabis business.

The company expects revenue to grow in the mid-to-high teens percentage range in fiscal Q1 2025, which ends June 30, versus 2024’s fourth quarter.

The company listed some growth drivers to achieve that:

Regulatory reforms in Germany expected to increase medical cannabis market size
Continued strength in key European markets
Incremental revenue from recently acquired MedReleaf Australia
Seasonally higher quarter for plant propagation segment due to peak spring floral sales

Other targets for 2025:

Consolidated adjusted gross margins: Projected to remain similar quarter-over-quarter
Adjusted EBITDA: Expected to be higher than the fourth quarter of 2024, driven by revenue growth and comparable margins
Operating cash flow: Anticipated improvement versus the fourth quarter of 2024
Free cash flow target: Maintaining goal of achieving positive free cash flow by end of calendar year 2024

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