The third quarter of Aurora Cannabis Inc. was weighed down by a net loss but the company is positive about its future after seeing a large rise in the amount of marijuana it sold.

The company behind the CanniMed, Daily Special and San Rafael '71 brands disclosed Thursday that it had incurred a net loss of $137.4 million or $1.37 per share in the period ended March 31 compared to a net loss of $1.3 billion or $14.16 per share posted the previous quarter.

According to financial markets data firm Refinitiv, analysts had been expecting the Edmonton-based producer to post a net loss of 78 cents per share for the third quarter.

In its latest quarter, Aurora saw sales rise 19 per cent to $78.4 million, beating analyst estimates. The company posted a $50.9 million adjusted EBITDA loss.

Analysts surveyed by Bloomberg predicted a significant loss of $75.9 million on $66.3 million in revenue, and adjusted $38.3 million in negative EBITDA for the third quarter ended March 31.

Aurora has had a hard year as the company fell short of hoped profitability goals, risked busting financial obligation and muddied its stock value by turning to the equity finance market. The company's debt-heavy balance sheet was a persistent problem for stakeholders. The company's shares have plunged over 93 percent in the last four quarters.

Speaking of the chances of economic rebound, Jerome Powell, chief of the US central bank, said the US economy will take some time "to get back to where we were." Even as states start to loosen social distancing protocols, such comments from the director of the Federal Reserve could discourage investors, particularly those holding Aurora Cannabis shares.

The company is set to release its financial results on Thursday for the third quarter of its 2020 fiscal year, and with Tilray recently reporting mixed results, it's hard to imagine Aurora Cannabis doing much better, particularly given recent history.

Analysts said, to make matters worse, Aurora recently conducted a split in reverse stock to boost its stock price, much to shareholders' dismay, each of whom received one share for every 12 owned.

Aurora Cannabis Inc., a member of the Zacks Medical-Products Industry, posted revenues of $56.31 million for the quarter ended March 2020, surpassing the 19.99 percent Zacks Consensus Estimate. This compares to $49 million in sales from year-ago. Over the past four quarters, the company has topped consensus revenue estimates twice.

Aurora Cannabis's stocks have dropped around 77.6 percent compared to the decline of -12.7 percent in the S&P 500 since the start of 2020.