Aurora Cannabis Reports Record Medical Revenue, Boosted Margins; Eyes $100M ATM for Capacity, M&A

Aurora pins growth on medical market gains

Aurora Cannabis reports that its third-quarter results centre on a record performance in the global medical cannabis market, driving total net revenue to $94.2 million, up 7% year‑over‑year. The company attributes the rise to a $76.2 million quarterly medical revenue haul, a 12% increase led by double‑digit international growth in Germany and Poland, while a 27% advance in its plant propagation business helps offset softer consumer sales. Management highlights improving unit economics, with consolidated adjusted gross margin before fair value adjustments rising to 62%.

The company is carrying forward investments in cultivation scale, GMP manufacturing and genetics as the operational core of its medical strategy, saying these capabilities underpin higher‑margin sales and tighter supply controls. Aurora presents its operational improvements and regulatory expertise as competitive advantages in complex, highly regulated European and other international medical markets, where standardized product quality and supply reliability are critical. Executive Chairman and CEO Miguel Martin frames the record medical revenue and sequential EBITDA improvement as validation of a focused, medically oriented strategy.

Aurora also positions those capabilities to enable inorganic growth, saying its enhanced cultivation and manufacturing footprint makes the company an attractive partner or acquirer as it pursues capacity expansion. The company signals readiness to pursue M&A selectively to deepen its global medical presence and accelerate access to regulated markets, while continuing to drive efficiencies across cultivation and propagation to protect margins.

ATM program for strategic capacity and M&A

Separately, Aurora files a prospectus supplement establishing an at‑the‑market program to issue up to US$100 million of common shares from treasury, with net proceeds earmarked for strategic, accretive uses including increased cultivation capacity and mergers and acquisitions. Sales under the ATM are to be effected on the NASDAQ or other U.S. markets and will be conducted under a sales agreement with TD Securities (USA) LLC; regulatory filings are available on SEDAR+ and EDGAR.

Balance sheet and operating metrics

Aurora reports adjusted EBITDA of $18.5 million, adjusted net income of $7.2 million and free cash flow of $15.5 million for the quarter, and says its cannabis business is debt‑free apart from a $62 million non‑recourse obligation related to Bevo Farms Ltd. The company closes the period with $154.4 million of cash and short‑term investments and signals that the combination of cash strength and improved margins supports its medical‑first growth agenda.