Aurora Cannabis Announces Fiscal 2026 First Quarter Results
Aurora Cannabis (NASDAQ:ACB) reported strong Q1 2026 results, with total net revenue reaching $98.0 million, up 17% year-over-year. The company's global medical cannabis segment showed impressive growth, with revenue increasing 37% to $64.8 million, driven by an 85% surge in international markets.
Key financial highlights include Adjusted EBITDA of $10.8 million (up 209% YoY), positive free cash flow of $9.2 million (up 42%), and adjusted gross margin of 52%. The company maintains a strong balance sheet with $186.0 million in cash and a debt-free cannabis business.
International medical cannabis now represents 57% of global medical cannabis revenue, with significant growth in Germany and Poland. The company's plant propagation business, Bevo, contributed $23.9 million in revenue, showing 4% growth YoY.
Aurora Cannabis (NASDAQ:ACB) ha annunciato risultati solidi per il primo trimestre 2026, con un fatturato netto totale di 98,0 milioni di dollari, in aumento del 17% rispetto all'anno precedente. Il segmento globale della cannabis medica ha registrato una crescita notevole, con ricavi in aumento del 37% a 64,8 milioni di dollari, trainati da un'impennata dell'85% nei mercati internazionali.
I principali indicatori finanziari includono un EBITDA rettificato di 10,8 milioni di dollari (in crescita del 209% su base annua), un flusso di cassa libero positivo di 9,2 milioni di dollari (in aumento del 42%) e un margine lordo rettificato del 52%. L'azienda mantiene un bilancio solido con 186,0 milioni di dollari in liquidità e un'attività nel settore della cannabis senza debiti.
La cannabis medica internazionale rappresenta ora il 57% dei ricavi globali del segmento medico, con una crescita significativa in Germania e Polonia. Il business di propagazione delle piante, Bevo, ha contribuito con 23,9 milioni di dollari di ricavi, mostrando una crescita del 4% rispetto all'anno precedente.
Aurora Cannabis (NASDAQ:ACB) reportó sólidos resultados en el primer trimestre de 2026, con ingresos netos totales que alcanzaron los 98.0 millones de dólares, un aumento del 17% interanual. El segmento global de cannabis medicinal mostró un crecimiento impresionante, con ingresos que aumentaron un 37% hasta 64.8 millones de dólares, impulsados por un aumento del 85% en los mercados internacionales.
Los principales indicadores financieros incluyen un EBITDA ajustado de 10.8 millones de dólares (un aumento del 209% interanual), flujo de caja libre positivo de 9.2 millones de dólares (un aumento del 42%) y un margen bruto ajustado del 52%. La compañía mantiene un balance sólido con 186.0 millones de dólares en efectivo y un negocio de cannabis sin deudas.
La cannabis medicinal internacional ahora representa el 57% de los ingresos globales del segmento médico, con un crecimiento significativo en Alemania y Polonia. El negocio de propagación de plantas, Bevo, aportó 23.9 millones de dólares en ingresos, mostrando un crecimiento del 4% interanual.
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주요 재무 하이라이트로� 조정 EBITDA 1080� 달러 (전년 대� 209% 증가), 920� 달러� 긍정적인 자유 현금 흐름(42% 증가), 조정� 총이익률 52%가 포함됩니�. 회사� 1� 8600� 달러� 현금� 보유하고 있으�, 부� 없는 대마초 사업� 유지하고 있습니다.
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Aurora Cannabis (NASDAQ:ACB) a publié de solides résultats pour le premier trimestre 2026, avec un chiffre d'affaires net total atteignant 98,0 millions de dollars, en hausse de 17 % par rapport à l'année précédente. Le segment mondial du cannabis médical a connu une croissance impressionnante, avec un chiffre d'affaires en hausse de 37 % à 64,8 millions de dollars, porté par une augmentation de 85 % sur les marchés internationaux.
Les principaux indicateurs financiers comprennent un EBITDA ajusté de 10,8 millions de dollars (en hausse de 209 % sur un an), un flux de trésorerie disponible positif de 9,2 millions de dollars (en hausse de 42 %) et une marge brute ajustée de 52 %. L'entreprise maintient un bilan solide avec 186,0 millions de dollars en liquidités et une activité cannabis sans dettes.
Le cannabis médical international représente désormais 57 % des revenus mondiaux du segment médical, avec une croissance significative en Allemagne et en Pologne. L'activité de propagation des plantes, Bevo, a contribué pour 23,9 millions de dollars de revenus, affichant une croissance de 4 % sur un an.
Aurora Cannabis (NASDAQ:ACB) meldete starke Ergebnisse für das erste Quartal 2026 mit einem Gesamtumsatz von 98,0 Millionen US-Dollar, was einem Anstieg von 17 % gegenüber dem Vorjahr entspricht. Das globale Segment für medizinisches Cannabis verzeichnete ein beeindruckendes Wachstum, wobei der Umsatz um 37 % auf 64,8 Millionen US-Dollar stieg, angetrieben durch einen Anstieg von 85 % in den internationalen Märkten.
Wichtige finanzielle Highlights sind ein bereinigtes EBITDA von 10,8 Millionen US-Dollar (plus 209 % im Jahresvergleich), positiver freier Cashflow von 9,2 Millionen US-Dollar (plus 42 %) und eine bereinigte Bruttomarge von 52 %. Das Unternehmen verfügt über eine starke Bilanz mit 186,0 Millionen US-Dollar in bar und einem schuldenfreien Cannabisgeschäft.
Internationales medizinisches Cannabis macht nun 57 % des globalen medizinischen Cannabisumsatzes aus, mit signifikanter Wachstumsdynamik in Deutschland und Polen. Das Pflanzenvermehrungsgeschäft Bevo trug mit 23,9 Millionen US-Dollar zum Umsatz bei und verzeichnete ein Wachstum von 4 % im Jahresvergleich.
- Global medical cannabis revenue grew 37% YoY to $64.8 million
- International medical cannabis revenue increased 85% YoY to $37.1 million
- Adjusted EBITDA grew 209% to $10.8 million
- Generated positive free cash flow of $9.2 million, up 42% YoY
- Medical cannabis gross margins improved to 69%
- Strong balance sheet with $186.0 million cash and debt-free cannabis business
- Consumer cannabis revenue decreased 32% to $7.9 million
- Plant propagation gross margin declined to 6% from 18% YoY
- Net loss of $19.4 million compared to net income of $3.5 million in prior year
- Adjusted SG&A expenses increased 19% to $37.4 million
Insights
Aurora Cannabis shows strong growth in medical cannabis (especially international) with positive EBITDA and cash flow, demonstrating successful business transformation.
Aurora Cannabis has delivered impressive 37% YoY growth in global medical cannabis revenue to
The company's adjusted EBITDA jumped by over
Particularly impressive is the
The deliberate reduction in consumer cannabis revenue (
NASDAQ | TSX: ACB
- Expands YoY Global Medical Cannabis Net Revenue1 by
37% to , while increasing International Medical Cannabis Net Revenue1 by$64.8 million 85% to$37.1 million - Delivers Adjusted EBITDA1 growth in excess of
200% , reaching$10.8 million - Generates Positive Free Cash Flow1 of
, representing significant YoY growth of$9.2 million 42% - Maintains Strong Balance Sheet with
~ of Cash and Debt-Free Cannabis Business2$186.0 million
"We delivered another strong quarter of sustained, profitable growth, driven by disciplined execution of our strategy. Global medical cannabis net revenue1 rose
"Our performance highlights the competitive distinction of our platform. International medical cannabis our highest-margin segment now accounts for
__________________________ |
1 This press release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. See "Non-GAAP Measures" below for reconciliations of non-GAAP financial measures to GAAP financial measures. |
2 Aurora's only remaining debt is non-recourse debt of |
First Quarter 2026 Highlights
(Unless otherwise stated, comparisons are made between fiscal Q1 2026 and Q1 2025 results and are in Canadian dollars)
Consolidated Revenue and Adjusted Gross Profit:
Total net revenue1 was
Consolidated adjusted gross margin before fair value adjustments1 was
Medical Cannabis:
Medical cannabis net revenue1 was
The increase in medical cannabis net revenue1 of
Adjusted gross margin before fair value adjustments1 on medical cannabis net revenue reached
Consumer Cannabis:
Aurora's consumer cannabis net revenue1 was
Adjusted gross margin before fair value adjustments1 on consumer cannabis net revenue1 was
Plant Propagation:
Plant propagation net revenue1 was wholly comprised of the Bevo business, and contributed
Adjusted gross margin before fair value adjustments1 on plant propagation revenue was
Adjusted Selling, General and Administrative ("Adjusted SG&A"):
Adjusted SG&A1 was
Net Income (Loss):
Net loss from continuing operations for the three months ended June 30, 2025 was
Adjusted EBITDA:
Adjusted EBITDA1 increased
Fiscal Q2 2026 Expectations:
For Q2 2026, we expect to see consolidated net revenue1 increase year over year, driven primarily by
Plant propagation net revenue1 is expected perform in line with traditional seasonal trends, as
Consolidated adjusted gross margins1 are expected to increase, driven primarily by 250 to 475 basis points growth in our cannabis business, with plant propagation adjusted gross margins1 expected to mostly perform in line with historical trends. Improvements in our adjusted gross margins1 and higher global medical cannabis revenue, should lead to continued strong positive adjusted EBITDA1.
While free cash flow1 is expected to be positive on an annual basis for the second consecutive year, there will be several significant cash outflows, in line with historical trends, that will impact free cash flow1 results in Q2 2026.
Key Quarterly Financial Results
($ thousands, except Operational Results) | Three months ended | ||||||
June 30, | Ѳ31, | $ Change | % Change | June 30, | $ Change | % Change | |
Financial Results | |||||||
Net revenue (1a) | 8% | 17% | |||||
Medical cannabis net revenue (1a) | ( | (4%) | 37% | ||||
Consumer cannabis net revenue (1a) | ( | (4%) | ( | (32%) | |||
Plant propagation revenue | 74% | 4% | |||||
Adjusted gross margin before FV adjustments on total net revenue (1b) | 52% | 62% | N/A | (10%) | 42% | N/A | 10% |
Adjusted gross margin before FV adjustments on total cannabis net revenue (1b) | 64% | 65% | N/A | (1%) | 51% | N/A | 13% |
Adjusted gross margin before FV adjustments on medical cannabis net revenue (1b) | 69% | 70% | N/A | (1%) | 67% | N/A | 2% |
Adjusted gross margin before FV adjustments on consumer cannabis net revenue (1b) | 33% | 27% | N/A | 6% | 20% | N/A | 13% |
Adjusted gross margin before FV adjustments on plant propagation net revenue (1b) | 6% | 37% | N/A | (31%) | 18% | N/A | (12%) |
Adjusted SG&A expense(1d) | 2% | 19% | |||||
Adjusted EBITDA (1c) | ( | (35%) | 209% | ||||
Free cash flow (1e) | 270% | 42% | |||||
Balance Sheet | |||||||
Working capital (1f) | ( | (16%) | ( | (4%) | |||
Cannabis inventory and biological assets (2) | 1% | 14% | |||||
Total assets | ( | (2%) | 0% | ||||
(1) | These terms are defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of our management's discussion and analysis the first quarter 2026 period ending June 30, 2025 (the "Q1 MD&A"). Refer to the following sections for reconciliation of Non-GAAP Measures to the IFRS equivalent measure: |
a. Refer to the "Revenue" and "Cost of Sales and Gross Margin" section for a reconciliation of cannabis net revenue to the IFRS equivalent. | |
b. Refer to the "Adjusted Gross Margin" section for reconciliation to the IFRS equivalent. | |
c. Refer to the "Adjusted EBITDA" section for reconciliation to the IFRS equivalent. | |
d. Refer to the "Operating Expenses" section for reconciliation to the IFRS equivalent. | |
e. Refer to the "Liquidity and Capital Resources" section for a reconciliation to the IFRS equivalent. | |
f. "Working capital" is defined as Current Assets less Current Liabilities as reported on the Company's Consolidated Statements of Financial Position. | |
(2) | Represents total biological assets and inventory, exclusive of merchandise, accessories, supplies, consumables and plant propagation biological assets. |
(3) | Certain previously reported amounts have been adjusted to exclude the results of discontinued operations. |
(4) | In connection with the audit of our Financial Statements for the year ended March 31, 2025(the "Annual Financial Statements"), the Company noted that inventory and lease obligation were misstated, impacting the interim condensed consolidated financial statements filed during the 2025 fiscal year. Certain balances in the interim condensed consolidated financial statements as at and for the three months ended June 30, 2024, September 30, 2024 and December 31, 2024 were adjusted as a result and the amounts shown above reflect such adjustments. Refer to the "Historical Quarterly Results" section of our management's discussion and analysis the year ended March 31, 2025 (the "Annual MD&A"). |
Conference Call
Aurora will host a conference call today, Wednesday, August 6, 2025, to discuss these results. Miguel Martin, Chief Executive Officer, and Simona King, Chief Financial Officer, will host the call starting at 8:00 a.m. Eastern time | 6:00 a.m. Mountain Time. A question and answer session will follow management's presentation.
DATE: | Wednesday, August 6, 2025 |
TIME: | 8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time |
WEBCAST: |
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About Aurora Cannabis
Aurora is opening the world to cannabis, serving both the medical and consumer markets across
Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".
Forward Looking Statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to: statements regarding the Company's Q1 fiscal 2026 results; statements under the heading "Fiscal Q2 2026 Expectations", including, but not limited to those related to consolidated net revenue growth, expectations for consolidated adjusted gross margins, positive adjusted EBITDA and free cash flow in Q2 and on an annual basis; statements regarding the Company's operational execution and differentiation from peers; and statements regarding the Company's conference call to discuss results
These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the magnitude and duration of current or potential new increased tariffs imposed on goods imported from
Non-GAAP Measures
This news release contains reference to certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. Non-GAAP Measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP Measures are intended to provide additional information and to assist management and investors in assessing financial performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The information included under the heading "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" in the FY26 Q1 MD&A is incorporated by reference into this news release. The MD&A is available on the Company's issuer profiles on SEDAR+ at and on the
Net Revenue, Adjusted Gross Profit and Margin
Net revenue, adjusted gross profit before FV adjustments, and adjusted gross margin before FV adjustments are Non-GAAP Measures and can be reconciled with revenue, gross profit and gross margin, the most directly comparable GAAP financial measures, respectively, as follows:
($ thousands) | Three months ended | ||
June 30, 2025 | Ѳ31, 2025 | June 30, 2024 | |
Medical cannabis net revenue(1) | |||
Canadian medical cannabis net revenue | 27,674 | 26,751 | 27,117 |
International medical cannabis net revenue | 37,094 | 41,025 | 20,084 |
Total medical cannabis net revenue | 64,768 | 67,776 | 47,201 |
Consumer cannabis net revenue(1) | |||
Consumer cannabis net revenue(1) | 7,875 | 8,166 | 11,533 |
Wholesale bulk cannabis net revenue(1) | |||
Wholesale bulk cannabis net revenue(1) | 1,433 | 826 | 1,620 |
Total cannabis net revenue(1) | 74,076 | 76,768 | 60,354 |
Plant propagation revenue | 23,947 | 13,770 | 23,081 |
Total net revenue(1) | 98,023 | 90,538 | 83,435 |
(1) | Net revenue is a Non-GAAP Measure and is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the FY26 Q1 MD&A. Refer to the "Cost of Sales and Gross Margin" section of the FY26 Q1 MD&A for a reconciliation to IFRS equivalent. |
Adjusted EBITDA
The following is the Company's adjusted EBITDA:
($ thousands) | Three months ended | ||
June 30, 2025 | Ѳ31, 2025 | June 30, 2024(4) | |
Net income (loss) from continuing operations | (19,381) | (17,232) | 3,450 |
Income tax expense (recovery) | (3) | 3,693 | 2,368 |
Other income (expense) | (838) | (10,490) | (6,799) |
Share-based compensation | 2,186 | 3,786 | 3,019 |
Depreciation and amortization | 5,566 | 6,322 | 6,738 |
Business development costs | 361 | 624 | 1,001 |
Inventory and biological assets fair value and impairment adjustments | 13,929 | 22,225 | (12,348) |
Business transformation costs(1) | 6,141 | 5,983 | 4,610 |
Non-recurring items(2) | 2,866 | 1,767 | 1,463 |
Adjusted EBITDA(3) | 10,827 | 16,678 | 3,502 |
(1) | Business transformation costs include costs related to closed facilities, certain IT project costs, costs associated with the repurposing of Sky and Sun, severance and retention costs in connection with the business transformation plan, and costs associated with the retention of certain medical aggregators. Some prior period amounts have been adjusted for changes in presentation. |
(2) | Non-recurring items includes inventory count adjustments resulting from facility shutdowns and inter-site transfers, litigation and non-recurring project costs. |
(3) | Adjusted EBITDA is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A. Prior period comparatives were adjusted to include the adjustments for markets under development, business transformation costs and non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation. |
(4) | In connection with the audit of the Annual Financial Statements, the Company noted that inventory and lease obligation were misstated, impacting the interim condensed consolidated financial statements filed during the 2025 fiscal year. Certain balances in the interim condensed consolidated financial statements as at and for the three months ended June 30, 2024, September 30, 2024 and December 31, 2024 were adjusted as a result and the amounts shown above reflect such adjustments. Refer to the "Historical Quarterly Results" section of the Annual MD&A. |
Adjusted SG&A
Adjusted SG&A is a Non-GAAP Measure and can be reconciled with sales and marketing and general and administrative expenses, the most directly comparable GAAP financial measure, as follows:
($ thousands) | Three months ended | ||
June 30, 2025 | Ѳ31, 2025 | June 30, 2024(2) | |
General and administration | 28,628 | 28,552 | 22,753 |
Sales and marketing | 14,455 | 15,459 | 14,024 |
Business transformation costs | (5,491) | (5,837) | (5,097) |
Non-recurring costs | (239) | (1,487) | (284) |
Adjusted SG&A (1) | 37,353 | 36,687 | 31,396 |
(1) | Adjusted SG&A is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the FY26 Q1 MD&A. |
(2) | In connection with the audit of the Annual Financial Statements, the Company noted that inventory and lease obligation were misstated, impacting the interim condensed consolidated financial statements filed during the 2025 fiscal year. Certain balances in the interim condensed consolidated financial statements as at and for the three months ended June 30, 2024, September 30, 2024 and December 31, 2024 were adjusted as a result and the amounts shown above reflect such adjustments. Refer to the "Historical Quarterly Results" section of the Annual MD&A. |
Free Cash Flow
The table below outlines free cash flow for the periods ended:
($ thousands) | Three months ended | ||
June 30, 2025 | Ѳ31, 2025 | June 30, 2024(3) | |
Cash provided by (used in) operating activities from continuing operations before changes in non-cash working capital | (2,410) | (2,928) | (3,680) |
Changes in non-cash working capital | 12,545 | 6,947 | 12,540 |
Net cash provided by (used in) operating activities from continuing operations | 10,135 | 4,019 | 8,860 |
Less: maintenance capital expenditures(1) | (907) | (1,524) | (2,370) |
Free cash flow(2) | 9,228 | 2,495 | 6,490 |
(1) | Maintenance capital expenditures are comprised of costs to sustain facilities, machinery and equipment in working order to support operations and excludes discretionary investments for revenue growth. |
(2) | Free cash flow is a Non-GAAP Measure and is not a recognized, defined, or a standardized measure under IFRS. Refer to the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the FY26 Q1 MD&A. |
(3) | Certain previously reported amounts have been adjusted for a reclassification of restricted cash to cash and cash equivalents as at March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. Refer to the "Historical Quarterly Results" section of the Annual MD&A. |
Working Capital
Working capital is a Non-GAAP Measure and can be reconciled with total current assets and total current liabilities, the most directly comparable GAAP financial measure, as follows:
($ thousands) | Three months ended | ||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |
Total current assets | 465,301 | 478,328 | 437,737 |
Total current liabilities | (156,885) | (110,863) | (116,803) |
Working capital | 308,416 | 367,465 | 320,934 |
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SOURCE Aurora Cannabis Inc.