Aurora Cannabis Inc. (ACB), the Canadian cannabis producer, recorded a second quarter tax loss of C $ 237.8 million in revenue of C $ 54.2 million, compared to the previous year's gain of C $ 7.7 million in revenue of C $ 11.7 million.
Two analysts surveyed by FactSet expected the company to record revenues of C $ 51.8 million.
The losses in the last quarter were mainly due to Aurora Cannabis's investments in other cannabis producers, the company said.
Aurora Cannabis shares fell 5.2% to $ 6.80 in pre-market trading on Tuesday.
The company attributed the increase in revenues to its launch in the Canadian consumer market, where it reported sales of C $ 21.6 million and international medical markets.
Aurora Cannabis said it sold 6,999 kg of cannabis in the quarter. The company said that it accounted for 20% of consumer sales in Canada.
Aurora Cannabis projected that it will reach a sustained positive EBITDA from its fourth fiscal quarter.
Aurora is one of three Canadian cannabis companies that report earnings this week. Tilray Inc. (TLRY) is scheduled to report the results of the fourth quarter on Tuesday, while Canopy Growth Corp. (CGC) will issue the results of the third quarter on Thursday.