Revenue plummeted to $38.1 million in 2026Q4, while gross margins exhibited extreme volatility, swinging from 89.6% in 2025Q1 to 47.7% in the most recent period.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 |
|---|
| Sales/Revenue | 321.42M | 343.29M | 270.28M | 223.8M | 221.34M | 245.25M | 268.7M | 245.54M | 55.2M | 18.07M | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 40.83K | 52.01K | 0 |
| Revenue Growth % | -6.37% | 27.01% | 20.77% | 1.11% | -9.75% | -8.73% | 9.44% | 344.84% | 205.51% | 1155.52% | - | - | - | - | - | - | -100% | -21.49% | - | - |
| Cost of Goods Sold | 304.67M | 155.69M | 138.82M | 209.02M | 200.11M | 266.81M | 288.64M | 103.1M | 11.68M | 2.01M | -763K | 304.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 94.79% | 45.35% | 51.36% | 93.39% | 90.41% | 108.79% | 107.42% | 41.99% | 21.16% | 11.13% | -53.02% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 16.75M | 187.61M | 131.46M | 14.78M | 21.23M | -21.56M | -19.93M | 142.44M | 43.52M | 16.06M | 2.2M | -304.8K | 0 | 0 | 0 | 0 | 0 | 40.83K | 52.01K | 0 |
| Gross Margin % | 5.21% | 54.65% | 48.64% | 6.61% | 9.59% | -8.79% | -7.42% | 58.01% | 78.84% | 88.87% | 153.02% | - | - | - | - | - | - | 100% | 100% | - |
| Gross Profit Growth % | -91.07% | 42.71% | 789.2% | -30.35% | 198.46% | -8.14% | -114% | 227.31% | 171.05% | 629.16% | 822.45% | - | - | - | - | - | -100% | -21.49% | - | - |
| Operating Expenses | 179.96M | 182.66M | 177.91M | 221.98M | 252.67M | 261.26M | 445.85M | 460.72M | 139.29M | 27.25M | 6.79M | 4.37M | 306.49K | 402.88K | 330.79K | 201.33K | 57.77K | 186.18K | 281.06K | 1.25K |
| OpEx % of Revenue | 55.99% | 53.21% | 65.83% | 99.18% | 114.16% | 106.53% | 165.93% | 187.64% | 252.36% | 150.82% | 471.99% | - | - | - | - | - | - | 455.95% | 540.39% | - |
| Selling, General & Admin | 173.95M | 166.47M | 156.88M | 170.47M | 188.99M | 194.88M | 345.75M | 365.38M | 109.86M | 24.67M | 5.63M | 3.63M | 280.67K | 295.59K | 311.29K | 200.93K | 57.18K | 185.35K | 228.56K | 1.25K |
| SG&A % of Revenue | 54.12% | 48.49% | 58.04% | 76.17% | 85.39% | 79.46% | 128.67% | 148.81% | 199.04% | 136.53% | 391.52% | - | - | - | - | - | - | 453.91% | 439.45% | - |
| Research & Development | 6.01M | 3.68M | 3.57M | 5.77M | 10.39M | 11.45M | 26.03M | 14.78M | 1.68M | 314K | 565K | 432.38K | 307.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 1.87% | 1.07% | 1.32% | 2.58% | 4.69% | 4.67% | 9.69% | 6.02% | 3.04% | 1.74% | 39.26% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 5.79M | 12.52M | 17.46M | 45.73M | 53.29M | 54.94M | 74.07M | 80.56M | 27.75M | 2.27M | 593K | -5.06M | 25.82K | 107.29K | 19.5K | 409 | 583 | 0 | 52.5K | 0 |
| Operating Income | -163.21M | 4.95M | -46.45M | -207.19M | -231.45M | -282.82M | -465.78M | -318.28M | -95.77M | -11.19M | -4.59M | -4.37M | -306.49K | -402.88K | -330.79K | -202.08K | -58.25K | 0 | -229.05K | -1.25K |
| Operating Margin % | -50.78% | 1.44% | -17.19% | -92.58% | -104.57% | -115.32% | -173.34% | -129.63% | -173.51% | -61.95% | -318.97% | - | - | - | - | - | - | - | -440.39% | - |
| Operating Income Growth % | -3398.58% | 110.65% | 77.58% | 10.48% | 18.16% | 39.28% | -46.34% | -232.33% | -755.72% | -143.83% | -5.1% | -1324.92% | 23.93% | -21.79% | -63.69% | -246.91% | - | 100% | -18282.58% | - |
| EBITDA | -148.99M | 27.5M | -13.38M | -154.6M | -137.79M | -184.74M | -351.06M | -230.02M | -83.51M | -10.11M | -4M | -4.06M | -306.18K | -402.45K | -330.36K | -201.67K | -57.67K | -144.51K | -228.56K | -1.25K |
| EBITDA Margin % | -46.35% | 8.01% | -4.95% | -69.08% | -62.25% | -75.33% | -130.65% | -93.68% | -151.3% | -55.93% | -277.76% | - | - | - | - | - | - | -353.91% | -439.45% | - |
| EBITDA Growth % | -641.86% | 305.46% | 91.34% | -12.2% | 25.42% | 47.38% | -52.62% | -175.44% | -726.44% | -152.81% | 1.61% | -1226.79% | 23.92% | -21.82% | -63.81% | -249.71% | 60.1% | 36.77% | -18243.26% | - |
| D&A (Non-Cash Add-back) | 14.23M | 22.55M | 33.07M | 52.59M | 93.66M | 98.08M | 114.72M | 88.25M | 12.26M | 1.09M | 593K | 304.8K | 303 | 432 | 422 | 409 | 583 | 834 | 490 | 0 |
| EBIT | -163.21M | 28.8M | -45.41M | -187.59M | -1.65B | -633.36M | -3.26B | -291.24M | 89.09M | -15.97M | -5.25M | 0 | 0 | -402.88K | -330.79K | 0 | -58.25K | 0 | -177.04K | 0 |
| Net Interest Income | 4.05M | 3.08M | -1.37M | -20.46M | -67.31M | -60.69M | -70.2M | -35.73M | -9.25M | -5.72M | -1.37M | -149.77K | -93.22K | 0 | 0 | 14.82K | 13.86K | 40.52K | 51.76K | 0 |
| Interest Income | 5.86M | 11.51M | 12.81M | 19M | 4.51M | 5.75M | 5.91M | 3.68M | 2.52M | 861K | 73K | 27.64K | 7.86K | 9.39K | 15.03K | 15.56K | 14.35K | 40.83K | 52.01K | 0 |
| Interest Expense | 1.81M | 8.42M | 14.19M | 39.46M | 71.81M | 66.44M | 76.11M | 39.41M | 11.76M | 1.29M | 619K | 177.41K | 101.08K | 9.39K | 15.03K | 745 | 484 | 310 | 249 | 0 |
| Other Income/Expense | 106.54M | 15.43M | -13.15M | -576.51M | -1.49B | -416.98M | -2.87B | -12.37M | 173.1M | -6.07M | -1.28M | -5.06M | -93.22K | 9.39K | 15.03K | -167.26K | 0 | 0 | 229.05K | 0 |
| Pretax Income | -56.67M | 20.38M | -59.6M | -783.7M | -1.72B | -699.8M | -3.34B | -330.65M | 77.33M | -17.26M | -5.87M | -9.73M | -399.7K | -393.49K | -315.76K | -353.77K | 0 | 0 | 0 | 0 |
| Pretax Margin % | -17.63% | 5.94% | -22.05% | -350.17% | -777.14% | -285.34% | -1242.91% | -134.66% | 140.1% | -95.56% | -408.06% | - | - | - | - | - | - | - | - | - |
| Income Tax | 2.1M | 4.62M | -554K | 16.55M | -2.14M | -6.32M | -82.23M | -29.91M | 8.1M | -4.3M | -149K | -207.71K | 7.86K | 0 | 0 | -31.27K | -13.86K | 0 | 0 | -1.27K |
| Effective Tax Rate % | -3.71% | 22.66% | 0.93% | -2.11% | 0.12% | 0.9% | 2.46% | 9.05% | 10.47% | 24.88% | 2.54% | 2.14% | -1.97% | 0% | 0% | 8.84% | - | - | - | - |
| Net Income | -122.07M | 1.59M | -69.33M | -816.63M | -1.72B | -693.63M | -3.28B | -293.51M | 71.94M | -12.97M | -5.72M | -9.52M | -399.7K | -393.49K | -315.76K | -322.5K | -43.91K | -145.66K | -177.29K | 1.27K |
| Net Margin % | -37.98% | 0.46% | -25.65% | -364.88% | -776.02% | -282.82% | -1221.68% | -119.54% | 130.33% | -71.78% | -397.71% | - | - | - | - | - | - | -356.71% | -340.87% | - |
| Net Income Growth % | -7772.83% | 102.3% | 91.51% | 52.46% | -147.63% | 78.87% | -1018.43% | -508.01% | 654.72% | -126.59% | 39.87% | -2281.35% | -1.58% | -24.62% | 2.09% | -634.52% | 69.86% | 17.84% | -14092.58% | - |
| Net Income (Continuing) | -58.77M | 15.76M | -59.05M | -800.25M | -1.72B | -693.48M | -3.26B | -300.74M | 69.23M | -12.97M | -5.72M | -9.52M | - | -393.49K | -315.76K | -322.5K | - | - | -177.29K | - |
| Discontinued Operations | -63.3M | -14.17M | -10.28M | -23.66M | -21.6M | -1.61M | -51.86M | 144K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 41.18M | 42.17M | 31.06M | 31.06M | 0 | -24.25M | 4.43M | 4.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.15 | 0.03 | -1.28 | -8.17 | -79.92 | -40.92 | -333.92 | -36.65 | 18.00 | -6.00 | -5.32 | -9.87 | -16.26 | -0.29 | -0.24 | -0.24 | -0.04 | -0.12 | -0.19 | 0.01 |
| EPS Growth % | -7643.86% | 102.23% | 84.33% | 89.78% | -95.31% | 87.75% | -811.11% | -303.61% | 400% | -12.78% | 46.1% | 39.3% | -5506.9% | -20.83% | 0% | -574.16% | 70.33% | 36.84% | - | - |
| EPS (Basic) | -2.15 | 0.03 | -1.28 | -8.17 | -79.92 | -40.92 | -333.92 | -36.65 | 18.77 | -5.58 | -5.32 | -9.87 | -16.26 | -0.29 | -0.24 | -0.24 | -0.04 | -0.12 | -0.19 | 0.01 |
| Diluted Shares Outstanding | 56.71M | 55.75M | 51.26M | 32.27M | 21.49M | 16.91M | 9.68M | 8.01M | 3.93M | 2.33M | 1.07M | 964.48K | 134.55K | 133.57K | 132.42K | 132.42K | 123.22K | 120K | 93.52K | 16.29K |
| Basic Shares Outstanding | 56.71M | 54.88M | 51.26M | 32.27M | 21.49M | 16.95M | 9.83M | 8.01M | 4M | 2.16M | 1.07M | 964.48K | 134.55K | 133.57K | 132.42K | 132.42K | 123.22K | 120K | 93.52K | 16.29K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Revenue Contraction Risk
According to recent financial filings, Aurora Cannabis experienced a sharp revenue decline to $38.1 million in 2026Q4, representing a 57.9% year-over-year contraction that suggests the company is struggling to maintain its market position amidst intense competition and a shifting product mix within the Canadian cannabis sector.
The significant drop in quarterly revenue indicates that previous growth levers are failing to offset the broader market saturation. Investors should monitor whether this decline reflects a permanent loss of market share or a strategic withdrawal from lower-margin segments, as the current trajectory appears unsustainable for long-term viability.
As reported in the company's income statements, gross margins have exhibited extreme volatility, swinging from a high of 89.6% in 2025Q1 to 47.7% in 2026Q4, which suggests that the firm lacks consistent pricing power and remains highly susceptible to inventory accounting adjustments and fluctuating production costs.
The wide variance in gross margins implies that the company's cost structure is not yet optimized for predictable profitability. This instability warrants further investigation into whether the underlying production efficiency is improving or if these figures are merely artifacts of non-cash fair value adjustments common in the industry.
Based on the provided data, SG&A expenses have remained stubbornly high relative to revenue, with 2026Q4 operating expenses of $41.5 million exceeding gross profit, indicating that the company has failed to achieve the necessary operating leverage to scale its business model effectively in the current environment.
The inability to reduce overhead in proportion to declining revenue suggests that the company's fixed-cost base remains a significant burden. This lack of operating efficiency appears to be a primary driver of the persistent operating losses, raising concerns about the firm's ability to reach sustainable profitability without further drastic restructuring.
Financial statements reveal that net losses reached $57.0 million in 2026Q4, a figure that underscores the significant risk of continued cash burn and suggests that the company's current operational strategy may be insufficient to overcome the structural challenges inherent in its high-cost, low-margin production model.
Short-sellers would likely focus on the widening net losses and the potential for further asset impairments given the historical trend of goodwill write-downs. The disconnect between the company's stated strategic pivots and the actual bottom-line performance suggests that investors should remain cautious regarding the durability of the current business model.
Quick answers to the most common questions about buying ACB stock.
For fiscal year 2026, Aurora Cannabis Inc. (ACB) reported total revenue of $321.4M.
Aurora Cannabis Inc. (ACB) reported a net loss of $122.1M for the fiscal year ending 2026.
Aurora Cannabis Inc. (ACB) reported an operating income of $-163.2M, resulting in an operating profit margin of -50.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Aurora Cannabis Inc. (ACB) generated $16.7M in gross profit for the year, representing a gross profit margin of 5.2%. This demonstrates the company's core pricing power and production efficiency.