07:48 AM EDT, 06/20/2024 (MT Newswires) -- Aurora Cannabis ( ACB ) said Thursday that it trimmed its fiscal fourth-quarter net loss as revenue increased.

For the quarter ending March 31, Aurora booked a net loss from continuing operations of $20.8 million, narrowing from a net loss of $76.2 million in the year-ago period. The company attributed the improvement to a higher gross profit, lower operating expenses and a decrease in other expenses.

Net revenue rose 5% to $67.4 million from $64.0 million, compared to the Capital IQ forecast of $69.5 million, on the back of a 20% increase in medical cannabis revenue to $45.6 million. Adjusted Ebitda slipped to $1.9 million from $2.0 million.

"These results are encouraging as we continue to progress towards our next milestone of positive free cash flow by Dec. 31," CEO Miguel Martin said.

For its fiscal quarter ending June 30, Aurora expects to achieve consolidated net revenue percentage growth in the mid- to high-teens compared to its fiscal fourth quarter, driven by growth in high margin international medical cannabis revenue from recent regulatory reforms in Germany and the continued strength in key European markets, as well as incremental revenue from MedReleaf Australia.

Aurora's share price was up 3% to US$5.89 at last look in U.S. pre-market trading.