Aurora Cannabis Shareholders Approve Board as Fiscal 2026 Results Beat Outlook

Key Points

• Shareholders approved all proposals, including a five-member board, the election of Aurora’s director nominees, Ernst & Young as auditor, and the advisory executive-compensation vote.
• Aurora exceeded its fiscal 2026 outlook, reporting C$321 million in revenue, up 11% year over year, adjusted EBITDA of C$54 million, a 64% adjusted gross margin, and C$165 million in cash with no debt.
• For fiscal 2027, Aurora plans to focus on international medical cannabis growth—particularly in Germany and Poland—while exiting its lower-margin Canadian consumer business and expanding EU GMP capacity through its Safari Flower acquisition.

Aurora Cannabis NASDAQ: ACB said shareholders approved all items presented at its annual general meeting, including setting the board size at five directors, electing the company’s nominees, reappointing Ernst & Young LLP as auditor, and approving its non-binding advisory vote on executive compensation.

The virtual-only meeting covered Aurora’s financial year ended March 31, 2026. Michael Singer, Aurora’s lead independent director and chairman of the meeting, said the company had received sufficient votes in favor of each proposal. Full voting results were expected to be filed on SEDAR following the meeting.

According to the preliminary attendance report, 146 shareholders voted by proxy, representing 16.64 million shares, while total shares represented at the meeting were reported at 61.96 million, or 26.86% of outstanding shares. Singer said the attendance satisfied the company’s quorum requirement.

Board and Auditor Matters Approved

Shareholders approved management’s proposal to fix the number of directors at five for the coming year. The elected director nominees were Executive Chairman and Chief Executive Officer Miguel Martin, Singer, Chitwant Kohli, Norma Beauchamp, and Rajesh Uttamchandani.

The company also reappointed Ernst & Young LLP, with offices in Vancouver, as its auditor for the ensuing year. In addition, shareholders approved Aurora’s “say-on-pay” resolution regarding executive compensation, which is an advisory and non-binding vote.

Prior to the votes, Singer tabled Aurora’s financial statements, auditor’s report and management discussion and analysis for the year ended March 31, 2026. He noted the filings were available through SEDAR.

Fiscal 2026 Results Exceeded Outlook, CEO Says

In remarks following the formal business, Martin described fiscal 2026 as a strong year for the cannabis company, citing revenue above its outlook and adjusted EBITDA above the midpoint of its guided range.

Aurora reported net revenue of C$321 million for fiscal 2026, an 11% increase from the prior year. Martin said the result exceeded the high end of the company’s guidance range by C$8 million and was driven by double-digit growth in global medical cannabis. About 55% of net revenue was generated outside Canada, he said.

• Adjusted gross margin rose to 64%.
• Adjusted EBITDA increased 32% year over year to C$54 million.
• Adjusted net income improved by more than C$12 million.
• Aurora ended the fiscal year with C$165 million in cash and cash equivalents and no debt.

Martin attributed the performance to Aurora’s focus on medical cannabis markets and financial discipline. He said the company holds leadership positions in Canada, Germany, Australia and Poland, which he characterized as the four largest nationally legal medical cannabis markets.

The CEO said Aurora’s GMP-certified production and supply capabilities allow it to serve international medical markets, including Europe and Australia. He also cited higher yields, improved potency and operational efficiencies as contributors to lower production costs.

International Expansion and Fiscal 2027 Priorities

Looking ahead, Martin said fiscal 2027 will be affected by changes in Canadian medical cannabis and Aurora’s planned exit from the lower-margin Canadian consumer business. He said international growth is expected to partially offset these developments.

Aurora plans to make targeted investments in market-share gains, GMP capacity, margin-accretive opportunities and international expansion. Martin highlighted the company’s acquisition of Safari Flower Company, an EU GMP-certified cannabis cultivator and manufacturer, as part of that strategy.

According to Martin, Safari Flower added EU GMP capacity, strengthened Aurora’s export position and was accretive to adjusted EBITDA in the first quarter of fiscal 2027.

For the fiscal first quarter, Aurora reported net revenue of C$67.6 million. International medical cannabis net revenue rose 17% to C$43 million, while consolidated adjusted gross margin was 58%, at the high end of the company’s annual guidance range, Martin said.

Martin said Aurora expects second-quarter revenue and adjusted EBITDA to be sequentially higher than the first quarter. The company remains focused on sustained double-digit revenue growth, strong margins and increased EBITDA contributions over time, he said.

Germany, Poland Seen as Key Growth Markets

International growth is expected to be led by Germany, Aurora’s largest and fastest-growing international market, according to Martin. He said the company continues to hold a leading market share in Germany and is benefiting from demand for premium and core medical cannabis products.

Martin also pointed to Poland, where Aurora holds the No. 1 market-share position, citing recent import-limit increases, patient demand and commercial execution. Australia and New Zealand remain markets where the company sees opportunities to broaden product formats and expand its mix of core and premium products.

Beyond those markets, Martin cited the U.K., France, Ukraine, Switzerland, Spain and Austria as emerging regulated markets where Aurora believes its EU GMP capacity, regulatory expertise, genetics and integrated supply chain could support long-term growth.

About Aurora Cannabis (NASDAQ:ACB)

Aurora Cannabis Inc NASDAQ: ACB is a Canadian licensed producer of medical and consumer cannabis products headquartered in Edmonton, Alberta. Established in 2013, the company operates under Health Canada's regulations to cultivate, process and distribute a range of cannabis-based offerings. Since its initial public listing in 2017, Aurora has grown into one of the country's largest growers by cultivation capacity and production output.

The company's core business spans the cultivation of dried flower, the extraction of cannabis oils and the development of value-added products such as softgels, capsules and topical treatments.

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