Aurora Cannabis (NASDAQ: ACB) reported its Q1 fiscal 2027 financials, toplined by reported net revenue of $67.6 million, down 9% from $74.1 million a year earlier and 20% from the $84.8 million reported in fiscal Q4 2026.
Medical cannabis generated $64.0 million, representing nearly 95% of consolidated revenue, compared with $64.8 million last year and $77.1 million in the preceding quarter.
Canadian medical revenue fell 25% year over year and 27% sequentially to $20.7 million. Aurora attributed the decline primarily to changes in a federal reimbursement program that took effect April 1 and reduced reimbursement rates by approximately 30%.
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International medical revenue increased 17% from last year to $43.3 million, led by patient demand in Germany. It nevertheless fell 11% from the record $48.8 million generated in fiscal Q4.
Consumer cannabis revenue declined 74% year over year and 44% sequentially to $2.1 million as Aurora continued closing the channel. Wholesale bulk cannabis contributed $1.5 million, compared with $1.4 million last year and $4.1 million in fiscal Q4.
Gross profit still increased to $35.6 million from $33.5 million, driven partly by a $12.6 million increase in gains from biological-asset fair-value changes. Gross profit before fair-value adjustments fell to $29.2 million from $38.8 million.
Aurora’s loss from continuing operations narrowed to $4.0 million from $10.2 million last year and $27.6 million in fiscal Q4. The improvement primarily reflected biological-asset fair-value gains, lower operating expenses, and higher other income rather than stronger adjusted operating performance.
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Adjusted net income fell to $3.8 million from $6.6 million last year and $5.6 million in fiscal Q4.
Adjusted EBITDA declined to $3.4 million from $10.8 million a year earlier and $9.2 million in the previous quarter.
Aurora used $4.4 million of operating cash from continuing operations, reversing the $7.7 million inflow recorded last year and the $2.4 million inflow generated in fiscal Q4.
Free cash flow was an outflow of $5.8 million, compared with inflows of $6.8 million last year and $0.3 million in fiscal Q4. Aurora attributed the decline primarily to lower gross profit before fair-value adjustments. The result also ended a fiscal 2026 run in which the company generated positive free cash flow in each reported quarter.
Aurora ended June with $149.1 million of cash, restricted cash, cash equivalents, and short-term investments, down $15.6 million from approximately $164.7 million at March 31 and $36.9 million from approximately $186.0 million a year earlier.
Aurora reiterated its fiscal 2027 outlook and said revenue and adjusted EBITDA should improve sequentially in the second quarter.
Shares were approximately 1.2% lower at US$2.81 on the NASDAQ.
