Aurora Cannabis reported nearly $100 million in revenue for the three months ended December 31, 2024 (Q3 2025), $88.2 million in net revenue, and $31.3 million in net income, a new high for the company.  

The company saw a 37% year-over-year increase in net revenue compared to Q3 2024, which it attributes to 51% growth in its global medical cannabis business and 22% growth in its plant propagation business. The increase was somewhat offset by lower quarterly revenue in Aurora’s consumer cannabis business.

Aurora primarily produces and sells in Canada’s medical and non-medical markets. It also has production and distribution of wholesale medical cannabis in the European Union under the German Medicinal Products Act and German Narcotic Drugs Act, and distribution of wholesale medical cannabis in various international markets, including Australia, New Zealand, the Caribbean, South America, and Israel.

The company’s plant propagation business is its 50.1% controlling interest in Bevo Agtech Inc., the sole parent of Bevo Farms Ltd., a key supplier of propagated vegetables and ornamental plants in North America.

The company’s principal subsidiaries are Aurora Cannabis Enterprises, TerraFarma Inc., Whistler Medical Marijuana Corporation, CannaHealth Therapeutics Inc., ACB Captive Insurance Company Inc., Bevo Agtech Inc, Aurora Deutschland, and Indica Industries Pty Ltd. (MedReleaf Australia).

Aurora’s revenue for the three months ended December 31, 2024, was as follows: In the Canadian market, Aurora brought in $44.1 million, with $27.3 from medical sales and $9.9 million in non-medical. Another $1.2 million was from wholesale bulk cannabis sales, and $5.6 million from plant propagation (Bevo). 

The company also made $14.5 million in sales from the Australian market and $26.3 million from the EU market, both of which are medical-cannabis only. Aurora also made nearly $3.3 million in plant propagation sales in the US. 

Aurora’s most significant jump in sales, compared to the same three-month period in the previous year, occurred in the EU where sales more than doubled from $10.1 million in Q3 2024 to $26.3 million in Q3 2025. 

Medical cannabis net revenue was $68.1 million, a 51% increase from the same quarter in the previous year, accounting for 77% of Aurora’s Q3 2025 consolidated net revenue and 90% of adjusted gross profit before fair value adjustments.

The company attributes its $23.1 million increase in net revenue primarily to higher sales to Australia, Germany, Poland, and the UK, as well as increased revenue in Canada from insurance-covered and self-paying patients.

The company incurred nearly $7.8 million in excise taxes in Q3 2024, down from nearly $8.2 million in Q3 2024, likely due to the increased proportion of international sales. 

“This quarter was record-breaking for Aurora, driven by all-time highs in global medical net revenue, net income, adjusted EBITDA, and free cash flow,” said Miguel Martin, executive chairman and CEO for Aurora Cannabis. “These achievements, along with our strong cash position and debt-free cannabis business, underscore Aurora’s leadership in the global cannabis industry as we continue to set ourselves apart from our peers. 

“Our strong top-line performance and record adjusted EBITDA were mostly fueled by contributions from our global medical cannabis business,” he added. “International net revenue grew 112% and accounted for 60% of global medical cannabis net revenue. Additionally, our plant propagation segment increased 22%, driven by organic expansion and an enhanced product portfolio, further strengthening our operating model. Our stated goals of continued strategic growth, operational excellence, and long-term sustained profitability are unwavering and we are deeply appreciative of our team’s efforts in helping us achieve these milestones.”

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