Aurora Cannabis Inc. is on the hunt for savings again after reporting a $164.7-million net loss in its latest quarter.
The Edmonton-based company unveiled Thursday a plan to accelerate between $60 million and $80 million in annualized cost efficiencies over the next 12 to 18 months, as its third-quarter loss topped the $139.3-million loss it reported in the same period last year.
Aurora said its plan will target production costs, facility and logistic expenses, organizational efficiencies and insurance and capital markets spending as it hopes to gain more traction when COVID-19 lockdowns have been lifted.
“We are not simply waiting the process out in anticipation of normalization followed by an eventual rebound,” Aurora’s chief executive Miguel Martin told analysts Thursday.
“We are determined to continue pulling the levers that we can to reduce our cost structure and extract further efficiencies from our operations.”
Martin’s talk of efficiencies comes as he will mark one year at the helm of Aurora in the fall.
Much of that year was spent laying off workers and closing facilities as part of a broad restructuring Aurora embarked on in February 2020 to deliver $300 million in total annualized expenses.
Martin signalled the dramatic moves were tapering off last quarter when he announced the company was “back on offence.” [Read more at Toronto Star]