The structural headwind from Canadian reimbursement cuts is material and ongoing; watch for Q2 revenue and EBITDA trends to validate management's sequential improvement guidance. Traders should monitor international medical cannabis growth rates and cash burn trajectory.
Price Chart
Executive Summary
Aurora Cannabis reported fiscal Q1 2027 results with total net revenue of $67.6M, down 9% YoY, driven by a 25% decline in Canadian medical cannabis due to a ~30% federal reimbursement cut. International medical cannabis revenue grew 17% to $43.3M, but adjusted EBITDA plunged 68% to $3.4M and free cash flow turned negative (-$5.8M). The company reiterated sequential improvement guidance for Q2, but the headline numbers reflect margin compression and a deteriorating cash flow profile.
Key Facts
- Total net revenue $67.6M vs $74.1M YoY (-9%)
- Canadian medical cannabis revenue $20.7M vs $27.7M (-25%) due to federal reimbursement rate cut
- International medical cannabis revenue $43.3M vs $37.1M (+17%)
- Adjusted EBITDA $3.4M vs $10.8M YoY (-68%)
- Free cash flow -$5.8M vs +$6.8M YoY
- Adjusted gross margin on total net revenue fell to 58% from 64%
- Cash and short-term investments $149.1M, no debt
- Safari Flower Company acquisition closed April 2026, received EU-GMP certification in July
Financial Impact
Revenue decline of 9% YoY, adjusted EBITDA drop of $7.4M, and free cash flow swing of -$12.6M YoY
Risk Factors
- Further Canadian medical reimbursement erosion
- Failure to achieve sequential EBITDA improvement in Q2
- Integration risks from Safari Flower acquisition
- Competitive pressure in international markets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001279569-26-000747 |
| Document: aurora_6k.htm | 0001279569-26-000747 |
| Document: 0001279569-26-000747-index-headers.html | 0001279569-26-000747 |
| Document: 0001279569-26-000747-index.html | 0001279569-26-000747 |
| Document: 0001279569-26-000747.txt | 0001279569-26-000747 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 6-K | $3.87 | awaiting T+5 | — | $3.99 (+3.10%) |
Oct 14, 2026 12d ago | 6-K | $4.10 $3.97 | ▼ −3.17% | ▼ −2.16% | $3.99 (−2.68%) |
Oct 8, 2026 19d ago | 6-K | $4.43 $4.10 | ▼ −7.45% | ▼ −7.17% | $3.99 (−9.93%) |
Oct 6, 2026 20d ago | 6-K | $4.46 $4.17 | ▼ −6.50% | ▼ −5.52% | $3.99 (−10.54%) |
Oct 5, 2026 21d ago | 6-K | $4.59 $4.29 | ▼ −6.54% | ▼ −6.40% | $3.99 (−13.07%) |
Sep 16, 2026 5w ago | 6-K | $3.83 $4.22 | ▲ +10.18% | ▲ +7.62% | $3.99 (+4.18%) |
Sep 14, 2026 6w ago | 6-K | $3.81 $4.03 | ▲ +5.77% | ▲ +5.67% | $3.99 (+4.72%) |
Sep 9, 2026 6w ago | 6-K | $3.88 $3.83 | ▼ −1.29% | ▼ −0.63% | $3.99 (+2.84%) |
Sep 2, 2026 7w ago | 6-K | $4.03 $3.73 | ▼ −7.44% | ▼ −6.49% | $3.99 (−0.99%) |
Aug 24, 2026 9w ago | 6-K | $3.94 $4.05 | ▲ +2.79% | ▲ +2.32% | $3.99 (+1.27%) |
US Market Status
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