Shares of Aurora Cannabis (NYSE:ACB) jumped more than 14% on Thursday. As of 5:35 p.m. EDT, the stock was up an additional 17% in after-hours trading, following the release of the marijuana producer's fiscal third-quarter earnings results.
Aurora's net revenue, excluding provisions, leapt 18% sequentially to 78.4 million Canadian dollars, driven by a 24% rise in recreational consumer cannabis sales and a 13.5% increase in medical cannabis revenue. The gains came despite coronavirus-related restrictions on dispensaries, which made it more difficult to process marijuana orders.
"I am incredibly proud of the Aurora team for working through these challenging times in order to maintain uninterrupted operations at all of our production facilities and ensure we continue to meet the needs of our patients and consumers," Executive Chairman and Interim CEO Michael Singer said in a press release.
Aurora also touted an improvement in "cash use" during the third quarter as it reduced its negative cash flow by 43% -- to $154.6 million -- compared to the second quarter. While this is clearly an improvement, Aurora is still burning through cash at an alarming rate. The cannabis leader will need to stop the bleeding soon if it's to continue to reward investors.