Aurora Cannabis Q1 2026: Navigating Contradictions in Germany’s Market Expansion and Supply Chain Challenges

Germany market expansion and supply chain, supply chain and yield improvements, international market competition and market share, regulatory changes in Germany and market positioning are the key contradictions discussed in Aurora Cannabis Inc.'s latest 2026Q1 earnings call.



Revenue Growth in Global Medical Cannabis:
- Aurora Cannabis reported net revenue of $98 million for Q1 2026, reflecting a 17% increase year-over-year.
- The growth was driven by a 37% rise in global medical cannabis revenue and 85% international growth.

Improved Profitability and Cash Position:
- The company achieved an adjusted EBITDA of $11 million, more than doubling from the previous year, and generated positive free cash flow of $9 million.
- This was supported by a strong balance sheet with $186 million cash and no cannabis business debt, ensuring operational flexibility.

Increased Market Share and Product Demand:
- Aurora's market share in medical cannabis in Canada grew, with Canadian medical net revenue increasing year-over-year.
- The expansion into key international markets and high-demand products, such as premium and high-potency offerings, contributed to this growth.

Operational Efficiencies and Margin Improvement:
- The company's adjusted gross margin improved by 1,000 basis points to 52%, with medical cannabis margins rising to 69%.
- This was due to reduced production costs, operational efficiencies, and a focus on higher-margin international markets.