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 $54 million, up 32% year-over-year, exceeding guidance.

• Strategic focus on global medical cannabis leadership, with 55% of net revenue generated outside Canada and leading positions in Canada, Germany, Australia, Poland, and New Zealand.

• Exited lower-margin Canadian consumer and plant propagation businesses, and acquired Safari Flower Company to expand EU GMP capacity.

• Maintains a strong cash position with no debt, supporting ongoing expansion and innovation.

Financial highlights

• Q4 FY26 net revenue was $84.8 million (CAD 84.8 million), up 10% year-over-year, with 58% from outside Canada; medical cannabis net revenue was $77.1 million, up 14% year-over-year.

• Adjusted gross margin for Q4 was 60%, and for the year reached 64%; adjusted EBITDA for Q4 was $9.2 million, and adjusted net income was $5.6 million.

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

• Ended the year with $164.7 million in cash and no debt.

• Net loss from continuing operations was $27.6 million for Q4 FY26.

Outlook and guidance

• Fiscal 2027 expected to be a reset year, with total net revenue projected to decline to levels similar to fiscal 2025 due to lower Canadian medical reimbursement rates, partially offset by international growth.

• Adjusted gross margins anticipated in the mid-to-high 50s, with 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.

• Focused on high-growth, high-margin global medical cannabis opportunities and continued leadership in key markets.