Aurora Cannabis Reports 10% Revenue Growth, 32% EBITDA Surge, Safari Acquisition
ACB•Aurora reported fiscal 2026 net revenue of $320.6 million, up 10%, and record adjusted EBITDA of $53.8 million, a 32% increase, driven by all-time high medical cannabis revenue of $288.6 million. The $26.5 million acquisition of Safari Flower adds 59,000 sq ft EU-GMP capacity, while recreational sales plunged 40% year-over-year.
1. Fiscal Year 2026 Financial Performance
Aurora posted total net revenue of $320.6 million for the year ended March 31, 2026, marking a 10% increase over the prior year. Adjusted EBITDA reached a record $53.8 million, up 32%, while global medical cannabis revenue hit an all-time high of $288.6 million driven by strong European demand.
2. Safari Flower Acquisition Enhances Capacity
In April, Aurora completed its $26.5 million purchase of Safari Flower Company, acquiring a 59,000-square-foot EU-GMP-certified cultivation and manufacturing facility. This addition is set to expand supply capacity in key international markets and reduce reliance on third-party sources.
3. Consumer Business Weakness and Regional Strategy
Revenue from recreational cannabis fell 40% for the full year and 55% in the fourth quarter as Aurora accelerated exits from lower-margin provincial markets in Canada. The company is refocusing resources on higher-margin medical opportunities across Canada, Europe, Australia and New Zealand.
4. Outlook and Risks
Aurora is expanding its Leuna facility in Germany to double annual flower production by fiscal 2027, aiming to bolster market share in Europe. Management cautioned that forthcoming Canadian reimbursement rate changes for veterans could pressure revenue and margins, forecasting lower annual revenue and adjusted EBITDA next year despite international growth.
