Aurora Cannabis Inc. announces its financial results for the fiscal year 2025, marking a year of notable growth and profitability in the global medical cannabis sector. For the year ending March 31, 2025, the company achieved an impressive global medical cannabis net revenue of $244.4 million, reflecting a 39% increase compared to the previous year. This milestone is complemented by a record adjusted EBITDA of $49.7 million, illustrating a remarkable 261% growth year-over-year. Additionally, Aurora generated positive free cash flow of $9.9 million and maintained a healthy balance sheet with approximately $185.3 million in cash while remaining debt-free.
In the fourth quarter of 2025, Aurora continued its upward trajectory with total net revenue reaching $90.5 million, a 34% increase from $67.4 million in the same quarter last year. The growth was largely driven by a 48% rise in the global medical cannabis segment, which generated $67.8 million in revenue, accounting for 75% of the company’s total quarterly income. This surge was attributed to increased sales in international markets, including Australia, Germany, Poland, and the UK, alongside growing demand from Canadian patients with insurance coverage as well as self-paying customers.
Aurora’s adjusted gross margin before fair value adjustments improved to 62% for Q4 2025, up from 50% in the same quarter of 2024, while the adjusted gross profit rose by 62% to $54.2 million. Notably, the adjusted gross margin for medical cannabis reached 70% in this quarter, up from 66% a year earlier, due to sustainable cost reductions and higher selling prices.
Conversely, the consumer cannabis sector experienced a decline, with net revenue dropping to $8.2 million from $10.2 million in the previous year. This decrease resulted from Aurora’s strategy to prioritize its higher-margin medical cannabis products over the consumer segment. However, the adjusted gross margin for consumer cannabis improved to 27%, up from 16%, due to enhanced cost management.
The plant propagation business, primarily consisting of Bevo Farms Ltd., saw net revenue increase by 32% to $13.8 million, driven by organic growth and expanded product offerings. The adjusted gross margin for this segment rose to 37%, compared to 25% in Q4 2024.
In terms of expenses, Aurora reported adjusted selling, general, and administrative expenses of $36.7 million, which excludes $5.8 million attributed to business transformation costs. This increase was mainly due to higher freight and logistics costs associated with European sales and the acquisition of MedReleaf Australia.
For fiscal Q1 2026, Aurora expects to maintain strong revenue growth in the global cannabis market, particularly in Canadian medical cannabis, while anticipating fluctuations in international markets. The company projects that plant propagation revenues will follow historical seasonal trends, and it expects adjusted EBITDA to remain positive, albeit with a slight decline due to lower contributions from high-margin international markets.
Aurora will discuss these results in more detail during its conference call scheduled for June 18, 2025. The call will feature insights from CEO Miguel Martin and CFO Simona King, who will provide further context on the company’s strategic direction and financial performance.
Aurora Cannabis, based in Edmonton, Alberta, leads the global medical cannabis market, delivering products across Canada, Europe, Australia, and New Zealand. The company operates under several brands, including MedReleaf, CanniMed, and its consumer brands like Drift and San Rafael ’71. With a focus on high-quality cannabis products and ongoing innovation, Aurora aims to solidify its position as a market leader in both the medical and recreational cannabis sectors.
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