Aurora Cannabis Inc.

Aurora reported fiscal Q1 2027 net revenue of $67.6 million, up versus the prior year period, with international medical cannabis net revenue up 17% to $43 million. Consolidated adjusted gross margin was 58%, compared with management’s annual guidance range, while adjusted SG&A was $35.1 million versus $36.1 million last year. Adjusted EBITDA was $3.4 million, down from $10.8 million, and adjusted net income was $3.8 million versus $6.6 million. Free cash flow was an outflow of $5.8 million versus an inflow of $6.8 million a year ago. The company ended with nearly $150 million in cash, cash equivalents and short-term investments and no debt. For fiscal 2027, management reaffirmed its outlook and said Q2 revenue and adjusted EBITDA are expected to be substantially higher than Q1.

Miguel Martin framed Aurora as a global medical cannabis specialist built around GMP manufacturing, regulatory expertise and direct supply into international markets. He emphasized Germany, Poland, Australia and New Zealand as growth markets, and said Aurora’s strategy is to keep investing in GMP capacity, genetics and plant science to widen its lead in high-quality medical channels. His tone was confident and long-term oriented, repeatedly saying the current Canadian reimbursement hit is a transitionary headwind rather than a reflection of demand or competitiveness.

Simona King said Q1 results were in line with expectations and reflected a purposeful shift toward international medical cannabis. She cited net revenue of $67.6 million, adjusted gross margin of 58%, adjusted SG&A of $35.1 million, adjusted EBITDA of $3.4 million, adjusted net income of $3.8 million and free cash flow outflow of $5.8 million. She also highlighted the balance sheet with close to $150 million in cash, cash equivalents and short-term investments and no debt, and reaffirmed that Q2 revenue and adjusted EBITDA should be substantially higher than Q1.

Analysts pressed management on the size and trajectory of sequential improvement, German pricing pressure and possible regulatory changes, the impact of lower Canadian reimbursement rates, Safari integration, U.K. positioning, and Australia momentum. Management said the Q2 improvement should come from “the same markets” as before, especially Germany, Poland, Australia and New Zealand, with efficiencies from genetics and manufacturing. On Canada, they said the 30% reimbursement reduction is flowing through as expected and patients have seen little behavioral change because LPs absorbed most of the pricing impact. They also said Safari is integrating well and has already received GMP certification, and that potential U.S. rescheduling could create partnership and research opportunities.