Aurora Cannabis (ACB) Q4 2026 earnings summary

Executive summary

• Achieved record annual global medical cannabis net revenue of $288.6 million (CAD 321 million), up 18% year-over-year, and record annual adjusted EBITDA of $53.8 million (CAD 54 million), up 32% year-over-year, exceeding guidance.

• Maintained leading market share in Canada, Germany, Australia, Poland, and New Zealand, with 55% of net revenue generated outside Canada and strong international growth.

• Completed the acquisition of Safari Flower Company, expanding EU-GMP certified capacity for international markets.

• Divested 50.1% ownership in Bevo Agtech Inc., focusing on core medical cannabis operations.

• Maintained a strong balance sheet with $164.7 million (CAD 165 million) in cash, short-term investments, and no debt.

Financial highlights

• FY2026 total net revenue reached $320.6 million (CAD 321 million), with Q4 2026 net revenue at $84.8 million, up 10% year-over-year.

• Medical cannabis net revenue in Q4 2026 was $77.1 million, up 14% year-over-year, representing 91% of consolidated net revenue.

• Q4 2026 adjusted gross margin before fair value adjustments was 60% (66% for medical cannabis), and for the year reached 64%.

• Q4 2026 adjusted EBITDA was $9.2 million, with adjusted net income of $5.6 million; Q4 net loss from continuing operations was $27.6 million.

• Free cash flow for Q4 2026 was $0.3 million, and for the year was $(14.3) million.

Outlook and guidance

• FY2027 net revenue expected to decline to levels similar to FY2025 due to lower Canadian medical reimbursement rates, partially offset by international growth.

• Adjusted gross margin before fair value adjustments projected in the mid-to-high 50s, with annual adjusted EBITDA expected to be lower year-over-year.

• Continued investment in international expansion and EU GMP capacity, with Safari Flower expected to contribute positive adjusted EBITDA in FY27.

• Adjusted SG&A expected to remain broadly in line with the prior year.