Aurora Cannabis reported $90.5 million in net revenue for the three months ended March 31, 2025 (Q4 2025), $27.6 million in gross profit, and a $17.2 million net loss.

The company’s net revenue was up 3% from the previous quarter and 34% year-over-year, while gross profit was down 63% from the previous quarter and 40.5% year-over-year. Net losses decreased 160.9% from the previous quarter’s net profit of $28.2 million, but were down 17.2% from the $20.8 million loss in Q4 2024. 

The bulk of Aurora’s net revenue in the most recent quarter again came from its medical cannabis sales at $67.8 million, up 1% from the previous quarter and 48% year-over-year. Net revenue from non-medical sales was $8.2 million, down 18% from the previous quarter and down 20% year-over-year.

Revenue from Aurora’s non-cannabis plant propagation business (Bevo) brought in another $13.8 million, up 55% from the previous quarter and 32% year-over-year.  

Of Aurora’s medical cannabis net revenue, the majority ($41 million) came from sales into the international market, while $26.8 million in net revenue came from sales into Canada’s medical cannabis program.

Wholesale sales of bulk cannabis brought in another $826,000, down from $1.2 million in the previous quarter and $2.4 million in Q4 2024. 

Aurora attributes the year-over-year increase in medical cannabis sales to growth in EU sales, combined with a full quarter of Australia sales being recognized in the current quarter compared to a partial quarter during the three months ended March 31, 2024. 

Aurora reported increased sales in Australia, Germany, Poland, and the UK. The Company’s current principal medical markets are in Canada, Germany, UK, Poland, and Australia, and to a lesser degree in New Zealand. The company says its slight decrease in Canadian medical cannabis sales is due to its focus on the EU export market. 

In Germany, Aurora is one of three active in-country producers of medical cannabis, carrying a production and R&D license under the German cannabis law. The company recently launched its IndiMed products in the German market, its first medical cannabis products cultivated in Germany.

International medical cannabis net revenue was $41 million during the three months ended March 31, 2025, compared to $40.9 million for the three months ended December 31, 2024 and $19.2 million for the three months ended March 31, 2024. 

The company attributes the increase in international medical sales of $21.8 million compared to the three months ended March 31, 2024, mainly to the recognition of sell-through revenue in Australia following the acquisition and the descheduling in Germany. Aurora says it continues to see increased sales in other European countries as well. Similarly, this is reflected.

Aurora reported incurring $6.8 million in excise taxes from its $94.8 million in revenue, a rate of just 7.1%, with $2.9 million going to medical sales in Canada and $3.8 million going to non-medical sales. 

“Specific to Q4 2025, we ended our banner fiscal year by further strengthening our business model,” said Executive Chairman and Chief Executive Officer for Aurora, Miguel Martin. “International revenue more than doubled, representing 61% of global medical cannabis net revenue. Plant propagation also increased significantly as we benefited from peak seasonality along with organic expansion.”

Aurora reported record annual global medical cannabis net revenue of $244.4 million, representing 39% year-over-year growth.