Aurora Cannabis (ACB) Q4 2025 earnings summary

Executive summary

• Achieved record annual global medical cannabis net revenue of $244.4 million, up 39% year-over-year, and record adjusted EBITDA of $49.7 million, up 261% year-over-year.

• Q4 FY25 global medical cannabis revenue reached $67.8 million, up 48% year-over-year, with strong growth in Canada, Germany, Australia, Poland, and the UK.

• Generated annual positive free cash flow of $9.9 million and maintained a strong balance sheet with $185.3 million in cash and a debt-free cannabis business.

• Maintained leadership in key medical cannabis markets, including #1 share in Canada and top 2 positions in Germany, Poland, and Australia.

• Expanded global footprint and product portfolio, including the acquisition of MedReleaf Australia and launch of new SKUs in Australia and New Zealand.

Financial highlights

• Q4 2025 total net revenue was $90.5 million, up 34% from the prior year, driven by 48% growth in global medical cannabis and 32% growth in plant propagation.

• Adjusted gross margin before fair value adjustments was 62% in Q4 2025, up from 50% in the prior year.

• Adjusted EBITDA for Q4 2025 was $16.7 million, a 619% increase from the prior year.

• Medical cannabis net revenue in Q4 2025 was $67.8 million, accounting for 75% of consolidated net revenue and 88% of adjusted gross profit.

• Plant propagation net revenue was $13.8 million, up 32% year-over-year, with adjusted gross margin at 37% versus 25% in the prior year.

Outlook and guidance

• Fiscal Q1 2026 expects continued strong global cannabis revenue, with temporary declines in some international markets but improvement in later quarters.

• Plant propagation revenues are expected to be seasonally higher, and positive adjusted EBITDA and free cash flow are projected to continue, though at lower levels than Q4 FY25.

• Continued focus on global medical-first strategy, especially in Europe and Australia, aiming for sustainable, profitable growth.

• Ongoing pursuit of profitable growth opportunities, including further international expansion and innovation.