Monitor the Aurora Cannabis acquisition outcome and any impact on leverage. The company targets ~$150M in operating cash flow for the year; Q3 operating cash flow was $22M due to timing. Watch for margin stabilization as the company scales international operations.
Price Chart
How similar events traded
Executive Summary
Curaleaf reported record Q3 2026 net revenue of $352.7M, up 10.9% YoY, beating the $346.4M consensus. GAAP net loss per share from continuing operations was -$0.14, narrower than the -$0.15 consensus estimate. Adjusted EBITDA rose to $77.6M with a 22.0% margin, while gross margin contracted 220 bps YoY. The company also disclosed an ongoing offer for Aurora Cannabis Inc.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue of $352.7M, up 10.9% YoY from $317.9M
- GAAP net loss per share from continuing operations of -$0.14, vs -$0.24 YoY
- Adjusted EBITDA of $77.6M, up from $71.7M YoY; adjusted EBITDA margin 22.0%
- Adjusted gross profit margin of 48.7%, down 186 bps YoY
- International revenue grew 28% YoY to $58.7M; domestic revenue grew 8% to $293.9M
- Cash and cash equivalents of $104.9M; total debt of $636.9M
- Repurchased 105,440 shares for $1M in Q3
- Commenced an offer to purchase all shares of Aurora Cannabis Inc.
Financial Impact
Revenue beat consensus by ~1.8%; EPS beat consensus by $0.01; adjusted EBITDA up 8.2% YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Domestic | $294.0M | +8.1% |
| International | $58.7M | +27.6% |
Risk Factors
- Gross margin compression (down 220 bps GAAP, 186 bps adjusted YoY)
- Net loss from continuing operations of $37.4M in Q3 vs net income of $12.5M in Q2
- Ongoing acquisition pursuit of Aurora Cannabis adds execution and financing risk
- Cannabis regulatory risk in US and international markets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-069455 |
| Document: curlf-20261103.htm | 0001628280-26-069455 |
| Document: 0001628280-26-069455-index-headers.html | 0001628280-26-069455 |
| Document: 0001628280-26-069455-index.html | 0001628280-26-069455 |
| Document: 0001628280-26-069455.txt | 0001628280-26-069455 |
| 8-K Data (Synthetic) | 0001628280-26-069455 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | 425 / 8-K | $9.70 | awaiting T+5 | awaiting T+5 | $9.47 (−2.37%) |
Nov 3, 2026 2d ago | 8-K | $9.25 | awaiting T+5 | awaiting T+5 | $9.47 (+2.38%) |
Nov 2, 2026 2d ago | 8-K | $10.14 | awaiting T+5 | awaiting T+5 | $9.47 (−6.61%) |
Oct 28, 2026 8d ago | 8-K / 425 | $8.48 $9.76 | ▲ +15.09% | ▲ +15.71% | $9.47 (+11.67%) |
Oct 19, 2026 17d ago | 425 / 8-K | $7.86 $8.29 | ▲ +5.47% | ▲ +5.44% | $9.47 (+20.48%) |
Oct 6, 2026 4w ago | 425 | $9.99 $8.82 | ▼ −11.71% | ▼ −11.57% | $9.47 (−5.21%) |
Oct 6, 2026 4w ago | 8-K | $9.99 $8.82 | ▼ −11.71% | ▼ −11.57% | $9.47 (−5.21%) |
Oct 6, 2026 4w ago | 425 | $9.99 $8.82 | ▼ −11.71% | ▼ −11.57% | $9.47 (−5.21%) |
Oct 6, 2026 4w ago | 8-K | $9.99 $8.82 | ▼ −11.71% | ▼ −11.57% | $9.47 (−5.21%) |
Oct 1, 2026 5w ago | 8-K | $9.95 $9.39 | ▼ −5.63% | ▼ −6.79% | $9.47 (−4.82%) |
US Market Status
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