Aurora Cannabis posts record $288.6M revenue as European growth accelerates

Aurora Cannabis reported record annual medical cannabis revenue of $288.6 million for fiscal 2026, driven by double-digit growth in Europe.

"Our performance exceeded expectations as we captured market share in international medical cannabis markets," CEO Miguel Martin said in the June 11 release.

Adjusted EBITDA reached a record $53.8 million, up 32% from the prior year. The company ended the fiscal year with about $164.7 million in cash, short-term investments and cash equivalents and no debt. In April, Aurora completed the accretive acquisition of Safari Flower Company, an EU-GMP certified manufacturer, adding capacity for international markets.

The results position Aurora as one of the few profitable large-scale cannabis operators with a debt-free balance sheet. The company's European expansion comes as regulatory frameworks in Germany and other EU markets continue to open, creating a addressable market that analysts estimate could exceed $10 billion by 2030.

Aurora's fiscal 2026 performance marks the second consecutive year of record revenue and profitability, following $244.6 million in revenue and $40.8 million in adjusted EBITDA in fiscal 2025. The company did not disclose Q4-specific revenue or provide forward guidance for fiscal 2027.

The record results contrast with many North American cannabis peers that continue to report losses amid price compression in Canada and limited US federal reform. Aurora's focus on medical markets in Europe, Australia and South America has insulated it from the recreational market volatility that has weighed on competitors such as Canopy Growth and Tilray.

The strong balance sheet gives Aurora flexibility for further M&A in Europe, where consolidation is accelerating as producers compete for EU-GMP certified cultivation and manufacturing capacity. The Safari Flower acquisition closed in April adds critical production capability to serve growing prescription volumes in Germany, the UK and other European markets.

This article is for informational purposes only and does not constitute investment advice.