Aurora Cannabis Inc.

Net revenue was $67.6 million, driven in part by a 17% increase in international medical cannabis net revenue to $43 million. Consolidated adjusted gross margin was 58%, compared with 58% at the high end of the annual guidance range, and adjusted SG&A fell to $35.1 million from $36.1 million a year ago. Adjusted EBITDA was $3.4 million versus $10.8 million in the prior year, adjusted net income was $3.8 million versus $6.6 million, and free cash flow was an outflow of $5.8 million versus an inflow of $6.8 million. The company said the Canadian medical reimbursement change that began April 1 included a 30% reduction in reimbursement rates. For fiscal 2027, management reaffirmed the full-year outlook and said Q2 revenue and adjusted EBITDA should be substantially higher than Q1.

Miguel Martin framed Aurora as a medical-cannabis specialist with a durable international advantage built on GMP-certified manufacturing, genetics, and distribution infrastructure. He emphasized leadership positions in Germany, Poland, Canada, and Australia, and said the business is focused on expanding GMP capacity, adding product launches, and taking share in attractive regulated markets. His tone was confident but pragmatic, repeatedly describing FY2027 as transitional because of Canadian reimbursement changes while stressing that international growth should offset that headwind over time.

Simona King said Q1 results were in line with expectations and reflected deliberate investment in international growth and EU GMP capacity. 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 focused on the sequential improvement implied for Q2, the size of the Canadian reimbursement impact, Germany pricing pressure and possible regulation changes, Safari integration, the UK competitive landscape, and Australia’s mix shift. Management said Q2 should look broadly similar in market drivers but stronger sequentially, with Germany, Poland, Australia, and New Zealand contributing and cost efficiency coming mainly from genetics and manufacturing. On Canada, they said the 30% reimbursement cut affected revenue as expected but patient behavior had changed very little, and on Germany they argued that stricter GMP standards and prior experience navigating regulation should favor Aurora. Safari was described as already contributing and early, encouraging, with GMP certification now in hand.