Aurora Cannabis Reports FY and Fiscal Q4 2026 Financial Results

EDMONTON – Aurora Cannabis Inc. reported its financial and operational results for the fourth quarter and fiscal year ending March 31, 2026. For the full fiscal year, net revenue rose 11% to CA$321 million, exceeding the top end of Aurora’s own guided range by CA$8 million. The company achieved record annual global medical Cannabis net revenue of CA$288.6 million, an 18% year-over-year increase, and record annual adjusted EBITDA of CA$53.8 million, up 32%.

Aurora closed the year with CA$165 million in cash and no debt.
That balance sheet matters as the company braces for a harder fiscal 2027.

Fourth-quarter net revenue rose 10% year-over-year to CA$84.8 million, driven by 14% growth in global medical Cannabis revenue, including a 19% increase internationally. Medical Cannabis represented 91% of total net revenue, up from 88% in the prior-year quarter.

Consumer Cannabis revenue dropped sharply to CA$3.6 million from CA$8.2 million as the company redirected flower supply toward higher-margin medical channels and began winding down parts of its Canadian consumer segment.

Germany was the largest contributor to Aurora’s double-digit international revenue growth in fiscal 2026, supported by commercial relationships with wholesalers, distributors, and pharmacists. Aurora has maintained its leading market share there despite rising price pressure from new entrants. Pressure CEO Miguel Martin said has been concentrated in the value segment, where Aurora has limited exposure. Two of Aurora’s proprietary cultivars ranked first and third in German sales during the quarter.

Aurora is one of three active in-country producers in Germany and is currently expanding its Leuna facility, with completion expected in H1 of fiscal 2027. The expansion is projected to double annual flower output at the site.

The quarter also marked a period of deliberate portfolio reshaping. Aurora initiated its exit from certain lower-margin Canadian consumer markets during the fourth quarter, with full completion expected by the end of September. The company also divested its plant propagation business by selling its controlling stake in Bevo Agtech.

On the other side of the ledger, Aurora acquired Safari Flower Company in April for CA$26.5 million, gaining a 59,000-square-foot EU GMP-certified indoor cultivation and manufacturing facility in Ontario to supply Cannabis to key international markets while reducing reliance on third-party purchases. The facility is designed to serve Germany, Australia, Poland and the UK – markets management identifies as strategic targets for high-margin medical demand.

The word Aurora used repeatedly during the earnings call was “reset.” Canada’s federal reimbursement pricing changes, effective April 1, are expected to reduce both top-line revenue and adjusted gross margins in fiscal 2027. Management guided that total net revenue should decline to roughly fiscal 2025 levels, with growth in Germany and Poland only partially offsetting the Canadian headwind. Adjusted gross margins are expected to land in the mid-to-high 50% range.

Aurora also disclosed it is evaluating potential U.S. opportunities, though no definitive plans exist at this point.