11:56 AM EDT, 08/07/2024 (MT Newswires) -- Aurora Cannabis ( ACB ) on Wednesday said it swung to a profit in its fiscal first quarter on higher revenue,

The company reported a profit from continuing operations of $4.84 million for the quarter ended June 30, compared with a loss of $20.27 million in the year-prior quarter.

Revenue increased 12% to $83.4 million, driven by record revenue of $47.2 million from the company's global medical cannabis business.

Adjusted EBITDA jumped 87% to $4.9 million.

The company said it ended the quarter with a debt-free cannabis business and a cash position of $182 million.

"This was a milestone quarter for Aurora, as we delivered strong net revenue growth, a substantial increase in adjusted EBITDA, and positive free cash flow," chief executive Miguel Martin said. "Our impressive performance was driven by record net revenue in the rapidly growing global medical cannabis segment, and we look forward to building on our achievements in key markets such as Germany, Australia, and the UK throughout fiscal 2025 and beyond."

For the fiscal second quarter, Aurora said it expects to book strong net revenue and adjusted gross margins across its cannabis business, supported by net revenue growth in Europe and Australia.

The company's shares were last seen up $0.61 to $8.72 on the Toronto Stock Exchange.

Price: 8.72, Change: +0.61, Percent Change: +7.52