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Aurora Cannabis
Aurora Cannabis (ACB) investor relations material
Aurora Cannabis Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Nov, 2025
Executive summary
Achieved record net revenue of $90.4M in Q2 FY26, up 11% year-over-year, driven by global medical cannabis and international sales.
Global medical cannabis net revenue reached $70.5M, up 15% year-over-year, with international medical revenue up 22% to $42.7M.
Adjusted EBITDA rose 52% to $15.4M, reflecting strong operational execution and margin expansion.
Maintained a strong cash position of $141.9M and remain debt-free in cannabis operations, with only non-recourse debt at Bevo Farms.
Strategic focus on high-margin global medical cannabis, with leadership in Canada, Germany, Australia, Poland, and the UK.
Financial highlights
Net revenue increased 11% year-over-year to $90.4M, with medical cannabis revenue up 15% to $70.5M and plant propagation revenue up 34% to $11.6M.
Adjusted gross margin improved to 61% consolidated, with medical cannabis at 69% and plant propagation at 10%.
Adjusted EBITDA grew to $15.4M from $10.1M, and adjusted net income reached $7.1M.
Free cash flow was negative at $(42.3)M, reflecting typical Q2 outflows, though one report noted $9M positive free cash flow.
Net loss from continuing operations was $53.2M, compared to net income of $1.4M a year ago, due to higher operating and other expenses.
Outlook and guidance
Q3 2026 consolidated net revenue expected to increase year-over-year, led by 8–12% growth in global medical cannabis.
Plant propagation revenue to follow seasonal trends, with 25–35% of annual revenue in the second half of the year.
Adjusted gross margins expected to remain strong, supporting annual adjusted EBITDA growth and positive free cash flow in Q3 2026.
Continued focus on profitable growth in global medical cannabis and plant propagation, with further momentum expected in Europe and internationally.
Acceleration of Bevo Farms' business plan to drive revenue and EBITDA growth over the next 2–3 years.
Veteran reimbursement changes impact
Germany production advantage vs. competitors
Australia sales softness and portfolio shift
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Next Aurora Cannabis earnings date
Q3 20264 Feb, 2026
Aurora Cannabis
Next Aurora Cannabis earnings date
Q3 20264 Feb, 2026
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Frequently asked questions
Aurora Cannabis, Inc. is focused on producing medical cannabis pursuant to the Canadian Access to Cannabis for Medical Purposes Regulations and operating a network of ACMPR licensed producers through its wholly owned subsidiaries. Aurora is the largest producer of medical cannabis in Canada, the second-largest in the world and is expanding globally with multiple production facilities in Canada under construction or planned. Aurora Cannabis Inc. is headquartered in Edmonton, Canada.
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