June 11, 2026

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Aurora Cannabis Inc. (NASDAQ: ACB) reported fiscal fourth-quarter and full-year 2026 results above expectations, supported by growth in global medical cannabis revenue, record annual adjusted EBITDA, and a debt-free balance sheet.
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Aurora Cannabis is a Canada-based medical cannabis company serving markets in Canada, Europe, Australia, New Zealand, and other international regions.
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The company reported EPS of $0.07, above estimates for a loss of $0.07, representing a 200.0% earnings surprise. Revenue came in at $65.11 million, above estimates of $55.29 million, with revenue growth of 3.2%.

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Results Showed Medical Cannabis Strength

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Aurora reported total net revenue of C$84.8 million in the fourth quarter, up 10% from the prior-year period. Medical cannabis net revenue increased 14% to C$77.1 million and represented 91% of total quarterly revenue. Growth was driven by higher sales in Germany, Poland, and Canada.
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Consumer cannabis revenue fell to C$3.6 million from C$8.2 million as Aurora continued shifting away from lower-margin consumer cannabis and focusing on global medical cannabis.
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Adjusted EBITDA was C$9.2 million, down from C$14.1 million a year earlier, while adjusted net income declined to C$5.6 million from C$15.3 million. Free cash flow was slightly positive at C$0.3 million.
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For the full year, Aurora delivered record global medical cannabis net revenue of C$288.6 million, up 18%, and record adjusted EBITDA of C$53.8 million, up 32%.

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Outlook

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Aurora said fiscal 2027 revenue is expected to be more in line with fiscal 2025 cannabis net revenue after exiting lower-margin Canadian consumer and plant propagation businesses.
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The company expects adjusted EBITDA to be lower than fiscal 2026 due to reduced reimbursed pricing in Canadian medical cannabis, partly offset by international growth in Germany and Poland.

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The Bigger Picture

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Aurora’s quarter showed progress in its higher-margin medical cannabis strategy.
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The company beat earnings expectations, grew medical cannabis revenue, delivered record annual adjusted EBITDA, and maintained a strong balance sheet with about C$164.7 million in cash, short-term investments, and cash equivalents with no debt.
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