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Dec 31, 2025
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Aurora Cannabis Q3 2026 Earnings Report
Estimated Revenue:CA$90.1M
-29.8% YoY
Estimated EPS:CA$0.273
+312.6% YoY
Key Takeaways
Aurora Cannabis reported a 7% increase in total net revenue to $94.2 million for Q3 2026, primarily driven by a record 12% growth in global medical cannabis net revenue to $76.2 million. The company achieved an adjusted EBITDA of $18.5 million and generated $15.5 million in free cash flow, while maintaining a strong balance sheet with $154.4 million in cash and short-term investments.
Total net revenue increased by 7% year-over-year to $94.2 million.
Global medical cannabis net revenue reached a record $76.2 million, up 12% from the prior year.
Adjusted EBITDA stood at $18.5 million, reflecting a 20% sequential increase.
The company generated $15.5 million in free cash flow and maintained a debt-free cannabis business.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full fiscal year 2026, Aurora Cannabis expects continued growth in global medical cannabis revenue and adjusted EBITDA, driven by strategic focus on high-margin opportunities and operational efficiencies.
Positive Outlook
- Annual global medical cannabis net revenue is expected to increase year over year to between $269 million and $281 million, driven by 10% to 15% annual growth.
- Adjusted gross margins are expected to remain strong due to a favorable sales mix and operational efficiencies.
- Annual consolidated adjusted EBITDA is anticipated to increase year over year, with an an expected range of $52 million to $57 million, representing 5% to 10% annual growth.
- The company will exit certain lower-margin consumer markets in Canada, expected to result in lower adjusted SG&A and improved consolidated adjusted gross margins.
- Proceeds from the ATM Program will be used for strategic and accretive purposes, including increased cultivation capacity and potential M&A.
Challenges Ahead
- Plant propagation revenue is expected to perform in line with traditional seasonal trends, with 65% to 75% of revenues normally earned in the first half of a calendar year, implying lower revenue in the second half.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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