Shares of Aurora Cannabis (NYSE:ACB,TSX:ACB) rose early on Tuesday (August 6) with the company’s release of preliminary results for the fourth quarter of its 2019 fiscal year.

The company had risen to C$9.51 by 9:40 a.m. EDT after opening at C$8.90 on the Toronto Stock Exchange — representing an increase of 13 percent. At 3:40 p.m. EDT, its share price sat at C$9.07.

Aurora’s update shows that estimated Q4 revenue from all sources will be between C$100 million and C$107 million, up from the C$65.1 million reported in the previous quarter. The company estimates that its net revenue from cannabis sales will be between C$90 million and C$95 million.

Aurora anticipates that total net revenue from this fiscal year will be between C$249 million and C$256 million, based on an unaudited review. The company is tracking positively for earnings before interest, tax, depreciation and amortization (EBITDA), as well as for adjusted EBITDA from its cannabis operations.

The results are a marked increased from Q4 2018, when Aurora reported net revenue of C$19.1 million. Its Q4 statement for 2018 also discloses net revenue of C$55.2 million for the entire fiscal year.

“We are the leader in cultivation capacity, production available for sale and revenues for cannabis in the Canadian medical and consumer markets,” said Aurora CEO Terry Booth in Tuesday’s press release. “We continue to lead the build out of European and other international medical cannabis markets.”

The company’s European expansion includes its recent win of the only public tender to supply medical cannabis to Italy. In April, Aurora also announced plans to build an indoor cannabis production facility in Germany after finalizing the public appeal process with the German Federal Institute for Drugs and Medical Devices.

Aurora expects that its final financial statement for 2019 will report between 25,000 and 30,000 kilograms of cannabis production available for sale.

Other cannabis heavyweights have had disappointing results recently.

Canopy Growth (NYSE:CGC,TSX:WEED) reported a loss of C$323 million for the fourth quarter of its 2019 fiscal year in June. The news was followed by the firing of then-CEO Bruce Linton.

Organigram Holdings’ (TSXV:OGI,OTCQX:OGRMF) most recent quarter was also less than stellar. The company reported a net loss of C$10.2 million compared to net income of C$2.8 million in the same quarter last year.

The average price target for Aurora on TipRanks puts the company at C$11, which represents upside of 22 percent from its current level. Analyst consensus on the company has it listed as a “moderate buy.”

Aurora’s full results will be released on September 15.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.

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