Aurora Cannabis Reports Q3 FY 2026 Financial Results

EDMONTON, AB – Aurora Cannabis Inc. posted total net revenue of $94.2 million for its fiscal third quarter ended December 31, 2025, a 7% increase from $88.2 million in the comparable period a year earlier. The growth stemmed primarily from the company’s global medical Cannabis operations, which reached a record $76.2 million in net revenue, up 12% YoY and accounting for 81% of overall net revenue.

Adjusted EBITDA stood at $18.5 million, while adjusted net income was $7.2 million. The company generated $15.5 million in free cash flow and maintained a cash position of approximately $154 million, with its core Cannabis business remaining debt-free apart from non-recourse obligations tied to its plant propagation unit.

The medical Cannabis segment’s performance reflected stronger contributions from international markets, particularly Australia, Germany and Poland, alongside gains in Canada. Consolidated adjusted gross margin improved to 62%, up 100 basis points from the prior year, with the medical business delivering a 69% adjusted gross margin due to a shift toward higher-margin international sales, cost controls, and operational efficiencies.

In contrast, consumer Cannabis revenue declined 48% to $5.2 million as Aurora continued to de-emphasize lower-margin recreational products in Canada. Plant propagation revenue rose 27% to $11.3 million.

On the strategic front, the company outlined plans to exit certain low-margin Canadian recreational markets starting in Q4, redirecting resources to medical channels. It also restructured its stake in the Bevo Agtech plant propagation business, converting common equity to preferred shares that yield a 5% annual dividend and other cash flow rights while stepping away from operational involvement.

Aurora reaffirmed its full-year fiscal 2026 guidance, projecting global medical Cannabis net revenue of $269 million to $281 million, implying 10-15% growth, and consolidated adjusted EBITDA of $52 million to $57 million.

The results underscore Aurora’s deliberate realignment toward the medical Cannabis category, where demand in regulated international markets has provided steadier traction compared with the more competitive Canadian consumer space. While the company recorded a small net loss from continuing operations of $1.7 million [attributed to higher operating expenses offsetting gross profit gains] the emphasis on cash generation, margin stability, and balance-sheet strength positions it to navigate ongoing industry pressures.

Summing up, these figures suggest measured progress in Aurora’s profitability metrics amid a broader shift away from recreational volatility toward medical reliability. However, sustained execution on international expansion and cost discipline will remain key challenges in the quarters ahead.