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Aurora Cannabis Announces Full Year and Fiscal 2026 Fourth Quarter Results with Record Annual Revenue and Adjusted EBITDA Superscript 1

Record FY2026 revenue masks structural margin contraction and explicit FY2027 guide-cut; cash-rich but capital allocation remains dilutive.

By The Northwire Desk — AI Analysis Jun 11, 2026 · 07:05 ACB · 4.59 AURORA CANNABIS INC. J

Executive Summary

Aurora Cannabis reported FY2026 record global medical cannabis net revenue of $288.6M (+18% YoY) and record adjusted EBITDA of $53.8M (+32% YoY).
Q4 2026 total net revenue reached $84.8M (+10% YoY), driven by a 14% increase in medical cannabis sales, while the company strategically winds down its lower-margin consumer cannabis business (revenue fell 55% to $3.6M).
Adjusted gross margin before fair value adjustments contracted to 60% from 65% prior year. Adjusted SG&A rose 14% to $40.3M.
Net loss from continuing operations widened to $(27.6)M vs $(12.1)M prior year. Adjusted net income fell to $5.6M from $15.3M. Adjusted EBITDA fell to $9.2M from $14.1M. Free cash flow collapsed to $0.3M from $5.2M.
Completed acquisition of Safari Flower Company for $26.5M to secure EU-GMP manufacturing capacity. Divested 50.1% stake in Bevo Agtech, classified as discontinued.
Balance sheet shows ~$164.7M in cash, short-term investments, and cash equivalents with zero debt.
FY2027 outlook explicitly guides total net revenue to decline closer to FY2025 levels. Adjusted gross margin expected in mid-to-high 50s. Adjusted EBITDA expected to be lower annually than FY2026 due to revised Canadian pricing structures.

Material Impact

The news contains a clear FY2027 guide-cut (revenue and EBITDA decline) and confirms structural margin contraction (gross margin down 500 bps, SG&A up 14%). Free cash flow collapsed to near zero. However, the stock had already declined 26.2% into the print, implying the market had fully priced in this deterioration. The release validates the downward trajectory rather than introducing a new negative catalyst. The material impact is therefore routine and negative, with limited incremental downside risk given the already depressed valuation and zero-debt balance sheet.

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Company Overview

Aurora Cannabis operates a global medical cannabis business with a focus on EU-GMP certified manufacturing, proprietary genetics, and international market expansion (Germany, Poland, UK, Australia, New Zealand).
The company is strategically exiting the lower-margin consumer cannabis segment in Canada to focus on regulated medical markets.
Recent initiatives include Plant Breeders' Rights grants for proprietary cultivars, disease-resistant research (powdery-mildew resistance), and portfolio expansions across key international markets.
The business model relies on regulatory expertise, supply chain reliability, and scientific differentiation to command pricing in highly regulated medical markets.

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