Aurora Cannabis Reports Q2 FY2026 Financial Results

EDMONTON – Aurora Cannabis Inc. posted a solid second quarter for its fiscal 2026, with total net revenue climbing 11% to CA$90.4 million, driven by a surge in international medical Cannabis sales that highlighted the company’s shift away from lower-margin consumer markets.

The results, covering the three months ended September 30, 2025, showed global medical Cannabis revenue reaching a high of CA$70.5 million, up 15% from the year-ago period and accounting for nearly 78% of overall sales. That growth stemmed largely from stronger demand in Australia, Germany, Poland, and the U.K., alongside gains in Canada’s insurance-reimbursed and out-of-pocket patient segments. Adjusted gross margins on medical sales held steady at 69%, buoyed by production efficiencies and higher pricing.

In contrast, consumer Cannabis revenue fell 34% to CA$6.9 million as Aurora redirected supply to its more lucrative medical operations, though margins there improved to 27% from 15% a year earlier, thanks to tighter cost controls. The plant propagation arm, centered on the Bevo Farms business, added $11.6 million in revenue, a 34% jump, but saw margins dip to 10% due to one-time inventory issues.

On the bottom line, adjusted EBITDA rose 52% to CA$15.4 million, reflecting the medical segment’s pull and operational discipline. Yet the quarter ended with a net loss of CA$53.2 million, dragged by higher operating expenses and other costs, compared with a slim profit the prior year. Aurora maintained a robust cash position of CA$141.9 million, with its core Cannabis operations free of debt – save for CA$59.8 million in non-recourse financing tied to Bevo.

Miguel Martin, Aurora’s executive chairman and CEO, framed the numbers as validation of the company’s medical-first strategy. “These results affirm our bet on medical Cannabis as the sector’s prime growth driver,” he said in a statement, pointing to investments in manufacturing and genetics that have secured leadership in key overseas markets.

Looking to the third quarter, Aurora anticipates 8% to 12% growth in global medical revenue and positive free cash flow, with plant propagation expected to follow seasonal patterns. Consolidated margins should hold firm, management added, setting the stage for full-year EBITDA expansion.

From a financial lens, the quarter highlights Aurora’s maturation in a fragmented industry: shedding unprofitable consumer exposure to fund high-return international expansion, all while building a fortress balance sheet. Shares in ACB ticked up modestly in after-hours trading, reflecting investor approval of the trajectory.

Aurora’s performance signals resilience amid ongoing regulatory flux in Europe and beyond. With medical Cannabis now driving nine in ten adjusted gross profit dollars, the company appears primed to weather domestic headwinds in Canada, where recreational sales remain a drag. To top it all off, we can say that Aurora isn’t chasing volume anymore. It’s harvesting margins, and that’s the playbook winners follow in this market.