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Sep 30, 2025
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Aurora Cannabis Q2 2026 Earnings Report
Aurora Cannabis reported a net loss for Q2 2026 despite strong growth in its medical cannabis segment and improved adjusted EBITDA.
Key Takeaways
Aurora Cannabis delivered record medical cannabis revenue in Q2 2026 and achieved 52% growth in adjusted EBITDA, but posted a significant net loss due to impairments and rising expenses.
Net revenue reached $90.4 million, driven by strong performance in medical cannabis and plant propagation segments.
Adjusted EBITDA rose 52% year-over-year to $15.4 million.
Net loss totaled $53.2 million due to impairments and increased operating expenses.
Free cash flow was negative $42.3 million for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Aurora expects year-over-year revenue growth in Q3 2026, driven by an 8%–12% increase in global medical cannabis. Free cash flow is projected to be positive.
Positive Outlook
- Global medical cannabis revenue projected to grow 8–12% YoY
- Plant propagation revenue expected to follow seasonal trends
- Strong adjusted gross margins to be maintained
- Annual adjusted EBITDA anticipated to grow YoY
- Free cash flow expected to turn positive in Q3
Challenges Ahead
- High operating expenses may continue
- Impairments may recur or continue affecting net income
- Consumer cannabis revenue remains weak
- Adjusted SG&A increased year-over-year
- Free cash flow was significantly negative in Q2
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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