Aurora Cannabis Inc. announced Thursday that it has completed a transformation plan delivering $340 million in annualized savings since February 2020, but said it still incurred a $67.2 million net loss in its most recent quarter.
The plan involved an extensive restructuring and several rounds of layoffs and facility closures over the last three years as it contended with shifting COVID-19 measures and grappled with aligning supply and demand.
The Edmonton company’s goal was to reach profitability based on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) by the end of 2022.
READ MORE: Aurora Cannabis closes sale of Aurora Polaris facility at EIA for $15M
The company behind brands like Daily Special, Drift, Greybeard and San Rafael achieved that feat with an adjusted EBITDA of $1.4 million in its second quarter ended Dec. 31 compared with a loss of $7.4 million in its first quarter and $7.1 million in the
