Aurora Cannabis Reports Q1 FY 2027 Financial Results

EDMONTON – Aurora Cannabis Inc. released its first-quarter fiscal 2027 results, covering the period ended June 30, 2026. The Canadian medical Cannabis company highlighted growth in its international segment alongside a smaller overall revenue figure compared with the year-earlier period.

Net revenue reached $67.6 million, down 9% from $74.1 million a year ago. The decline stemmed mainly from lower Canadian medical Cannabis sales and the wind-down of the consumer Cannabis business. Medical Cannabis net revenue came in at $64 million, nearly flat with the prior year’s $64.8 million. Canadian medical revenue fell 25% to $20.7 million after federal reimbursement rates dropped by about 30% effective April 1, 2026. International medical Cannabis net revenue rose 17% to $43.3 million, led by stronger patient demand in Germany.

Consumer Cannabis net revenue dropped to $2.1 million from $7.9 million as the company continued its exit from that channel. Adjusted gross margin before fair value adjustments stood at 58%, compared with 64% a year earlier. Medical Cannabis adjusted gross margin was 61%, down from 69%, largely reflecting the reimbursement changes.

Adjusted EBITDA totaled $3.4 million, versus $10.8 million in the prior-year quarter. Net loss from continuing operations narrowed to $4 million from $10.2 million. The company ended the quarter with $149.1 million in cash, cash equivalents and short-term investments and no debt.

Aurora closed its acquisition of Safari Flower Company on April 14, 2026, adding a 59,000-square-foot EU-GMP indoor facility. On July 23, Safari received a three-year EU-GMP certification for its Ontario site. Management plans roughly $3.5 million in growth capital improvements over three years to expand output and lower costs for high-margin international markets.

Executive Chairman and CEO Miguel Martin said the company remains focused on commercial execution in Canada, Germany, Poland, Australia and New Zealand. “In the second quarter, we expect both revenue and Adjusted EBITDA to improve sequentially, driven by increasing global patient demand for medical cannabis,” he stated.

Full-year fiscal 2027 guidance remains unchanged. The company expects total net revenue to decline relative to the prior year and align more closely with fiscal 2025 Cannabis net revenue levels, reflecting the Canadian reimbursement shift and the exit from lower-margin activities. Adjusted gross margins are projected in the mid-to-high 50s% range. Management anticipates sequential improvement in both revenue and adjusted EBITDA in the second quarter.

Aurora has narrowed focus and shifted resources toward global medical Cannabis after completing the sale of its Bevo plant-propagation stake earlier this year. The results underscore the ongoing transition: domestic medical volumes face pressure from pricing policy changes, while international demand, particularly in Europe, continues to expand. Capacity additions through the Safari facility aim to support that growth without heavy reliance on third-party suppliers.