Aurora Cannabis Inc. AC ACB, a Canadian a leader in the cannabis industry, serving both the medical and consumer markets, announced its financial and operating results for the first quarter of the fiscal year ended September 30, 2022.

As a reminder, the 2023 fiscal year will consist of three quarters, with the new fiscal year ending on March 31, 2023.

Highlights of the first quarter of 2023

Medicinal cannabis: Medicinal cannabis Net sales were $31.6 milliona decrease of 14% sequentially and a decrease of 23% from the same period last year, accounting for 64% of Aurora’s consolidated net sales in the first quarter of 2023 and 86% of its adjusted gross profit before fair value (FV) adjustments, according to the press release.

Adjusted gross margin before FV adjustments to net medical cannabis revenue were 67% compared to 62% sequentially and 64% in the prior-year period.

Consumer Cannabis: Net revenue from consumer cannabis was $13.7 million, up 9% sequentially and down 28% from the prior-year period.

“Adjusted gross margin before FV adjustments on net consumer cannabis revenue was 25% for the three months ended September 30, 2022, compared to 26% for the prior quarter and 32% for the comparable period last year. The decrease of 1% compared to Q4 2022 and 7% compared to Q1 2022 was mainly due to higher packaging volumes in Q1 2022, which reduced average manufacturing costs during the period,” the press release reads.

Sales General and administration Costs including R&D $43.8 million in Q1 2023.

Total net revenue for the first quarter of fiscal 2023 was $49.3 million, compared to $50.2 million in the previous quarter. Total cannabis net revenue was $46.0 million compared to total cannabis net revenue of $50.2 million and $60.1 million in the prior-year period.

Adjusted EBITDA loss “Down to $8.7 million in the first quarter of 2023 from $11.6 million in the fourth quarter of 2022 and $11.0 million in the same period last year. The decrease in Adjusted EBITDA loss compared to the previous quarter and the same period in the previous quarter…