Aurora Cannabis posts record full-year results on International Medical growth

Aurora Cannabis (NASDAQ:ACB) reported record global medical cannabis net revenue and adjusted EBITDA for fiscal year 2026, capitalizing on its structural pivot toward high-margin prescription markets in Europe and Australia.

The Edmonton, Alberta-based cannabis producer generated record annual global medical cannabis net revenue of $288.6 million, marking an 18% increase compared to the prior-year period.

Full-year adjusted EBITDA rose 32% year-over-year to a record $53.8 million, driven by the company’s ongoing strategic withdrawal from the highly competitive and lower-margin Canadian adult-use consumer market.

For the fourth quarter of 2026, Aurora recorded total net revenue of $84.8 million.

The medical cannabis segment anchored the vast majority of quarterly operations, bringing in $77.1 million and accounting for roughly 91% of consolidated top-line performance.

Quarterly adjusted EBITDA landed at $9.2 million.

The company reinforced its financial position, exiting the fiscal year with zero debt obligations and holding approximately $164.7 million in cash, cash equivalents, and short-term investments.

The close of the fiscal year coincided with a series of major structural portfolio reconfigurations designed to narrow the company's operational footprint.

Aurora completed a $26.5 million acquisition of the Safari Flower Company, an Ontario-based indoor cultivator and manufacturer.

The transaction adds a 59,000-square-foot facility certified under European Union Good Manufacturing Practice (EU-GMP) standards, expanding Aurora’s supply chain capability to export high-potency medical flower to growing international markets like Germany and Poland.

Concurrently, Aurora finalized the divestiture of its 50.1% controlling stake in Bevo Agtech, a commercial plant propagation business, effectively removing the vegetable and ornamental flora segment from its continuing consolidated financial statements.

Despite the record full-year figures, management issued a cautious outlook for fiscal year 2027, factoring in upcoming adjustments to Canadian veteran medical pricing protocols.

For the next fiscal year, Aurora expects lower total net revenues and a lower annual adjusted EBITDA compared to fiscal 2026.

However, the company projects that adjusted gross margins will remain steady in the mid-to-high 50% range, while adjusted selling, general, and administrative (SG&A) expenses are expected to stay broadly stable.