Aurora Cannabis Inc., a Canadian medical cannabis company, released its financial results for the fourth quarter and full year 2026 (ended March 31, 2026).
CEO Miguel Martin said the company achieved record results in fiscal 2026, saw strong global growth in medical cannabis revenue and met profit targets. This success was attributed to the company’s regulatory expertise, network of EU certified production facilities and ability to execute business plans. Aurora plans to continue growing internationally while maintaining its market position.
Note: On February 17, 2026, Aurora sold its majority stake in a plant company called Bevo Agtech. Because of this sale, Bevo’s numbers are not included in the results, and the previous year’s data has been adjusted.
Total revenue for the quarter was $84.8 million, up 10% from $76.8 million a year earlier. This growth was primarily due to a 14% increase in medical cannabis sales and increased wholesale sales, although this was partially offset by lower sales of consumer cannabis.
Medical cannabis revenue reached $77.1 million (up 14%, 91% of revenue). This growth was driven by strong sales in Germany and Poland, and increased sales to insured patients in Canada. However, medical cannabis profit margins fell from 71% to 66% due to selling more low-margin products and price cuts.
Consumer cannabis revenue fell to $3.6 billion from $8.2 billion, as the company is deliberately shrinking this part of the business to focus on medical cannabis. Here, too, profit margins fell, from 27% to 22%, due to higher costs.
Overall, the company’s adjusted gross profit margin (a measure of profitability before certain accounting adjustments) was 60%, up from 65% a year ago.
Operating costs (adjusted GEA) increased to $40.3 million from $35.4 million due to additional employees, higher labor costs in Europe and Australia, bad debt from two bankrupt clients and extraordinary professional fees.
The company reported a net loss of $27.6 million for the quarter, higher than last year’s loss of $12.1 million, mainly due to one-time charges. However, “adjusted net income,” a measure that strips out unusual items, was $5.6 million, down from $15.3 million, due to higher costs and lower currency gains.
Adjusted EBITDA (a measure of profitability) was $9.2 million, down from $14.1 million. Free cash flow was just $0.3 million, down from $5.2 million.
Aurora completed the sale of its stake in Bevo (the plant breeding business) on February 17, 2026. Separately, on April 15, 2026, Aurora acquired Safari Flower Company for $26.5 million, consisting of $15 million in cash plus stock, and acquired a large certified cultivation facility to support international supply.
By 2027, Aurora will exit the low-margin Canadian cannabis and plant breeding businesses to focus on global medical cannabis. The company expects total revenue to decline, approaching 2025 levels, primarily due to lower medical reimbursement rates in Canada starting in April 2026, although this will be partially offset in Europe, particularly Germany and Poland. Gross profit margins are expected to be in the mid to high 50% range, supported by stronger contributions from Europe and exits from low-margin businesses, although medical margins in Canada remain under pressure. Operating costs are expected to be similar to last year. Overall, annualized profit as measured by adjusted EBITDA is expected to be lower than in fiscal year 2026, reflecting the impact of lower reimbursement prices on revenue and gross profit.
A conference call to discuss these results was scheduled for June 11, 2026.
For more information:
Aurora Cannabis Inc.
auroramj.com