Aurora Cannabis FY26 revenue rises 11% to $321 million
Aurora Cannabis Inc. reported fiscal 2026 net revenue of $321 million, an 11% increase driven by global medical cannabis sales. Adjusted EBITDA grew 32% to $54 million, supported by a 64% adjusted gross margin and a cash position of $165 million with no debt. Strategic initiatives included exiting lower-margin Canadian consumer segments and acquiring Safari Flower Co. for $26.5 million to expand EU GMP capacity. For fiscal 2027, the company anticipates a reset year due to Canadian reimbursement changes, focusing on international growth in Germany and Poland with adjusted gross margins expected in the mid to high 50s.
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Aurora Cannabis Inc. reported a strong fiscal 2026 with net revenue rising 11% to $321 million, driven by double-digit growth in global medical cannabis. The company maintained a strong balance sheet with $165 million in cash and no debt, while adjusted EBITDA grew 32% year over year to $54 million. Aurora took strategic steps to exit lower margin markets, focusing on high-margin global medical cannabis, and acquired Safari Flower Co. to expand EU GMP capacity.
Financial Performance Summary
| Metric | FY26 Reported | Prior Year | Change |
|---|---|---|---|
| Net Revenue | $321 million | N/A | 11% increase |
| Adjusted EBITDA | $54 million | N/A | 32% increase |
| Cash & Equivalents | $165 million | N/A | No debt |
Strategic Developments
Aurora exited lower margin Canadian consumer segments and divested its plant propagation business, Bevo Farms, to reallocate resources. In April, the company acquired Safari Flower Co., an EU GMP certified cultivator, for approximately $26.5 million to bolster international supply. Management highlighted potential opportunities in the US market pending regulatory changes and emphasized ongoing investments in genetics and operational efficiencies.
Future Outlook
Fiscal 2027 is expected to be a reset year due to Canadian reimbursement changes, with a focus on international growth in Germany and Poland. Adjusted gross margins are projected to be in the mid to high 50s, driven by higher revenue contributions from Europe and the exit from lower margin businesses.
How will the anticipated Canadian reimbursement changes in fiscal 2027 specifically impact revenue stability during the reset year?
What specific regulatory milestones is Aurora watching to time its potential entry into the US market?
How will the acquisition of Safari Flower Co. contribute to achieving the projected mid-to-high 50s adjusted gross margins?
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