Aurora Announces Q3 2016 Results - Seite 2

Financial Highlights

A comprehensive discussion of Aurora's financials and operations are provided in the Company's Management Discussion & Analysis and Financial Statements filed with SEDAR and can be found on www.sedar.com.

Revenue

For the three and nine month periods ending March 31, 2016, the Company recorded revenues of $0.2 million, as compared to $nil for the comparable periods in the prior year. The Company commenced commercial sales in January 2016, and has experienced exceptionally strong traction in signing up and maintaining new patients. From the end of the period under review and the date of this release, Aurora has more than tripled its registered customer base.

Gross Profit

Gross profit of $4.2 million and $6.4 million was achieved for the three and nine month periods ended March 31, 2016, respectively. The gross profit in excess of sales was attributable primarily to the unrealized gain related to accounting changes in the fair value of biological assets. This change in fair value resulted from increasing product inventories and strains available to service the Company's growing number of registered patients.

Net Income (loss)

The Company recorded net income of $2.5 million and $1.8 million for the three and nine month periods ended March 31, 2016 respectively, due mainly to the unrealized gain on changes in the fair value of biological assets. For the comparable periods in the prior year, the Company recorded a net loss of $0.8 million and a net loss of $9.0 million respectively. The losses recorded in fiscal 2015 were related predominantly to the construction of the Company's production facility, development of its medical cannabis operations, branding and product development, and completed RTO transaction. During the quarter ended December 31, 2014, the Company recorded a listing expense of $5.1 million in relation to the RTO.

Cash and Liquidity

As at March 31, 2016, the Company had working capital of $2.4 million, as compared to a working capital deficiency of $6.3 million as at June 30, 2015. The $8.7 million increase in working capital was primarily attributable to increases in inventory of $3.8 million and biological assets of $4.4 million, and decreases in payables of $0.3 million and short-term loans of $0.2 million.