The Q4 results show a clear deceleration in profitability despite record annual revenue — adjusted EBITDA fell 34% YoY in Q4 and free cash flow collapsed to near zero. FY2027 guidance explicitly calls for lower revenue and adjusted EBITDA, signaling headwinds from Canadian pricing cuts. Monitor the conference call for details on international margin trajectory and whether Safari acquisition can offset Canadian medical margin compression. The 6-K with annual results and pessimistic guidance creates a net-negative read through for near-term expectations.
Price Chart
Executive Summary
Aurora Cannabis reported fiscal Q4 2026 results with total net revenue of $84.8M (+10% YoY) driven by 14% medical cannabis growth, but adjusted EBITDA fell 34% YoY to $9.2M and adjusted net income dropped 63% to $5.6M. The company guided for lower FY2027 adjusted EBITDA due to Canadian government reimbursement pricing cuts, creating a mixed picture of record annual revenues but deteriorating quarterly profitability and a cautious forward outlook.
Key Facts
- Total net revenue $84.8M in Q4 2026, up 10% YoY from $76.8M
- Medical cannabis net revenue $77.1M, up 14% YoY, representing 91% of total revenue
- Adjusted EBITDA $9.2M, down 34% from $14.1M in prior year quarter
- Adjusted net income $5.6M, down 63% from $15.3M YoY
- Net loss from continuing operations widened to $27.6M from $12.1M YoY
- Free cash flow nearly nil at $0.3M vs $5.2M YoY
- FY2026 annual medical cannabis net revenue record $288.6M (+18% YoY); annual adjusted EBITDA record $53.8M (+32%)
- Guided FY2027 total net revenue expected to decline, adjusted EBITDA expected lower YoY due to Canadian reimbursement pricing cuts effective April 1, 2026
- Completed Safari Flower acquisition for $26.5M ($15M cash + 2.4M shares)
- Balance sheet: ~$164.7M cash, no debt; working capital $330.5M
- Divested 50.1% Bevo stake in February 2026
Financial Impact
Q4 revenue beat with medical growth offset by materially lower adjusted EBITDA (-34%), adjusted net income (-63%), and guidance for declining FY2027 revenue and EBITDA. Annual records mask quarterly deterioration.
Risk Factors
- FY2027 revenue guidance decline: net revenue expected to fall back toward FY2025 levels
- Adjusted EBITDA guided lower YoY, implying further margin compression ahead
- Canadian government reimbursement pricing cut effective April 1, 2026 directly impacts largest segment
- Q4 free cash flow essentially zero ($0.3M), raising questions about cash generation sustainability
- Adjusted SG&A up 14% YoY outpacing revenue growth, suggesting expense creep
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001279569-26-000531 |
| Document: aurora_6k.htm | 0001279569-26-000531 |
| Document: 0001279569-26-000531-index-headers.html | 0001279569-26-000531 |
| Document: 0001279569-26-000531-index.html | 0001279569-26-000531 |
| Document: 0001279569-26-000531.txt | 0001279569-26-000531 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | $3.87 | awaiting T+5 | — | $3.90 (+0.78%) |
Oct 14, 2026 12d ago | 6-K | $4.10 $3.97 | ▼ −3.17% | ▼ −2.16% | $3.90 (−4.88%) |
Oct 8, 2026 18d ago | 6-K | $4.43 $4.10 | ▼ −7.45% | ▼ −7.17% | $3.90 (−11.96%) |
Oct 6, 2026 19d ago | 6-K | $4.46 $4.17 | ▼ −6.50% | ▼ −5.52% | $3.90 (−12.56%) |
Oct 5, 2026 20d ago | 6-K | $4.59 $4.29 | ▼ −6.54% | ▼ −6.40% | $3.90 (−15.03%) |
Sep 16, 2026 5w ago | 6-K | $3.83 $4.22 | ▲ +10.18% | ▲ +7.62% | $3.90 (+1.83%) |
Sep 14, 2026 6w ago | 6-K | $3.81 $4.03 | ▲ +5.77% | ▲ +5.67% | $3.90 (+2.36%) |
Sep 9, 2026 6w ago | 6-K | $3.88 $3.83 | ▼ −1.29% | ▼ −0.63% | $3.90 (+0.52%) |
Sep 2, 2026 7w ago | 6-K | $4.03 $3.73 | ▼ −7.44% | ▼ −6.49% | $3.90 (−3.23%) |
Aug 24, 2026 9w ago | 6-K | $3.94 $4.05 | ▲ +2.79% | ▲ +2.32% | $3.90 (−1.02%) |
US Market Status
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