Canadian cannabis producer Aurora Cannabis reported a net loss of approximately (C$1.3 billion) for the second fiscal quarter with net revenues of 44 million euros. Down from 49 million euros in the first fiscal quarter.

The company also reported that its international revenues from the export of medical cannabis had fallen sharply from approximately €3.5 million in the last quarter to approximately €1.39 million this quarter. The company attributed the decline to “a temporary interruption in sales” in Germany and Italy.

However, the company’s shares rose by more than 3% after the financial report release.

Aurora’s chief financial officer, Glen Ibbott, said that despite the massive losses. The company was “confident” that its execution rate would be “around 40 to 45 million Canadian dollars” by the end of the fourth fiscal quarter. Ibbott said the company’s recent “transformational actions” had “already had a positive impact on selling, general and administrative expenses.

These changes included the departure of Aurora co-founder and CEO Terry Booth and the addition of two new independent directors. Executive Chairman Michael Singer appointed interim CEO and the Company stated that itis proceeding with a business transformation plan.

Aurora changes

In the last fiscal quarter, Aurora produced 30,691 kilograms of cannabis. Compared to 41,436 kilograms in the previous quarter. A decrease of 26% primarily due to previously announced changes in cultivation strategies. Including a shift to high margin, high cannabinoid dosage, low yielding varieties. The cost of producing 1 gram of cannabis sales was 88 cents against 85 cents in the previous quarter.

The company expects its third-quarter results to show modest to no growth compared to the second-quarter report.

In line with Aurora’s February 6, 2020 release, we are optimistic about the long-term potential of the global cannabis opportunity. However, due to several short-term factors, the industry’s growth rate is expected to be slower than anticipated in the coming months.

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