Record FY2026 Revenue and International Mix
Net revenue rose 11% year-over-year to CAD 321 million in FY2026, exceeding the top end of guidance by CAD 8 million; ~55% of net revenue was generated outside of Canada, reflecting strong international diversification.
Robust Adjusted Margins and EBITDA Growth
Adjusted gross margin improved to 64% for FY2026 and remained industry-leading (60% in Q4); adjusted EBITDA increased 32% year-over-year to CAD 54 million.
Quarterly Strength — Medical Segment Leadership
Fiscal Q4 net revenue increased 10% to CAD 84.8 million. Medical cannabis net revenue rose 14% to CAD 77.1 million (international medical growth +19% in the quarter). Medical comprised 91% of net revenue in Q4.
Strong Balance Sheet and Liquidity Position
Ended the year with approximately CAD 165 million in cash, cash equivalents and short-term investments, no debt, an active shelf prospectus and an at-the-market program (up to US$100M), providing financial flexibility for opportunistic investments.
Strategic M&A and Capacity Expansion
Acquired Safari Flower Company for ~CAD 26.5 million (EU GMP certified); Safari expected to deliver positive adjusted EBITDA in FY2027 with incremental benefits thereafter. EU GMP capacity increased ~40% over the last five years; Leuna expansion expected to double annual flower output when completed in H1 FY2027.
Product and Market Leadership
Aurora positions itself as a leader in Canada, Germany, Australia and Poland; two proprietary cultivars ranked #1 and #3 by sales in Germany this quarter; broadened medical portfolio launches across Canada, Europe, Australia and New Zealand to deepen presence in high-margin regulated markets.