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February 11 , 2021 NYSE TSX : ACB • • • Aurora Cannabis Announces Fiscal 2021 Second Quarter Results Total Cannabis Net Revenue of $ 70.3 Million , Excluding Provisions of $ 2.7 Million , Up 11 % over Q2 2020 Medical Cannabis Net Revenue of $ 38.9 Million , Up 42 % Versus Q2 2020 , Driven by a 562 % Increase in High Margin International Medical Sales Adjusted EBITDA Loss , excluding Provisions and Termination Costs , of $ 12.1 Million Represents an Improvement of $ 53.1 Million Over Q2 2020 ; Current Loss Triggered by Several Decisions Expected to Boost Long - Term Profitability Improved Cash Use by More Than 74 % Versus Q2 2020 ; Cash on Hand at February 10 , 2021 of $ 565 Million EDMONTON , AB – February 11 , 2021 – Aurora Cannabis Inc. ( the “ Company ” or “ Aurora ” ) ( NYSE | TSX : ACB ) , the Canadian company defining the future of cannabinoids worldwide , today announced its financial and operational results for the second quarter of fiscal 2021 ended December 31 , 2020 . " Aurora had an excellent second quarter , and I'm pleased that we're advancing nicely against the plan we laid out in September of 2020 , " stated Miguel Martin , Chief Executive Officer of Aurora Cannabis . “ For the period , our core revenue strength in medical and consumer was complemented by initial rollouts in vape products and concentrates . Combined , these elements are part of the proven , regulated CPG strategy we've adopted . Adjusted EBITDA for the quarter , while vastly improved year over year , was impacted by several decisions that we believe will clear a path for our premium product focus and more variable cost model . We are confident that this will give Aurora maximum flexibility and position the organization to drive significant cashflow in the coming quarters . " " To further support this strategy , we have also focused on improving our cash burn , margins and overall financial flexibility . To that point , our year over year cash use has decreased by 74 % to $ 70.5 million , our normalized margins remain solid particularly in medical , and our recently amended credit facility gives Aurora much improved optionality as opportunities arise . Combined with $ 565 million in cash on our balance sheet today , Aurora will continue to be a long - term player in the global cannabinoid market and increasingly positioned to deliver for shareholders over the long run . " Second Quarter 2021 Highlights ( Unless otherwise stated , comparisons are made between fiscal Q2 2021 and Q2 2020 results and are in Canadian dollars ) Q2 2021 total and cannabis net revenue¹ before provisions was $ 70.3 million , an 11 % increase over Q2 2020 and 2.5 % sequentially . After accounting for return and price provisions , Q2 2021 total cannabis net revenue was $ 67.7 million , a 28 % increase in cannabis net revenue ' over fiscal Q2 of the prior year . Adjusted gross margin before fair value adjustments on cannabis net revenue¹ was 42 % in Q2 2021 , versus 48 % in Q2 2020. The decrease is due to the purposeful reduction in production levels at Aurora Sky resulting in an increase in cash cost of sales due to the under - utilization of capacity . Also impacting adjusted gross margin was a $ 1.8 million increase in actual net returns , price adjustments and provisions primarily relating to company- initiated product returns meant to open channels to newer , higher - potency flower that Aurora is now producing . Normalizing for these impacts , adjusted gross margin was 52 % . 1 These terms are non - GAAP measures , see " Non - GAAP Measures " below .