Aurora Cannabis Q1 FY27: International Medical Revenue Jumps 17%, Adjusted EBITDA Falls to C$3.4M
ACB is trading near its 52-week low of $2.56 (11% above the low).
Summary
Aurora Cannabis reported Q1 FY27 revenue of C$67.6 million, with international medical cannabis up 17% YoY, but adjusted EBITDA fell to C$3.4 million due to Canadian reimbursement cuts. The company reiterated its FY27 outlook and expects sequential improvement in Q2.
Key Events · Earnings and Guidance · ACB
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International Medical Revenue Growth
International medical cannabis net revenue rose 17% YoY to C$43.3 million, driven by higher sales in Germany, offsetting a 25% decline in Canadian medical revenue to C$20.7 million.
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Adjusted EBITDA Decline
Adjusted EBITDA fell to C$3.4 million from C$10.8 million a year ago, primarily due to lower adjusted gross profit before fair value adjustments, which dropped C$8.3 million.
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Canadian Reimbursement Headwind
A 30% reduction in federal reimbursement rates effective April 1, 2026, caused a 25% drop in Canadian medical cannabis net revenue and compressed margins.
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Strong Balance Sheet
Aurora ended the quarter with C$149.1 million in cash, cash equivalents, and short-term investments, and no debt, providing financial flexibility.
Analysis · ACB · Life Sciences
Aurora's Q1 results tell a tale of two businesses. International medical cannabis revenue surged 17% to C$43.3 million, fueled by German patient demand, while Canadian medical revenue dropped 25% after a 30% cut in federal reimbursement rates. Adjusted EBITDA fell sharply to C$3.4 million from C$10.8 million a year ago, though the net loss narrowed. The company holds C$149.1 million in cash with no debt, providing ample runway. The Safari Flower Company acquisition and its new EU-GMP certification strengthen the international growth story, but the Canadian headwind is material. Management expects sequential improvement in Q2, yet the reimbursement hit remains a near-term drag on profitability.
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