Aurora Cannabis (ACB, Financials) reported record-breaking financial results for the third quarter of fiscal 2025, driven by strong international medical cannabis sales and increased operational efficiency.
Driven primarily by its global medical cannabis division, which saw revenue surge 51% YoY to $68.1 million, the firm reported total net revenue of $88.2 million, a 37% year-over-year increase. Strong sales in Australia, Germany, Poland, and the United Kingdom drove international medical cannabis revenue up 112%, accounting for 60% of the company's total medical cannabis revenue.
Fueled by sustained cost reductions, improved pricing, and increased production efficiency, the adjusted gross margin on medical cannabis rose to 74%, up from 63% a year earlier. As Aurora prioritized higher-margin medical cannabis sales, the company's consumer cannabis revenue declined 15% YoY to $9.9 million.
Reflecting a 342% YoY increase, Aurora also reported record net income of $31.2 million and record adjusted EBITDA of $23.1 million, up 316%. The company generated positive free cash flow of $27.4 million, meeting a key profitability milestone.
Supported by expanded capacity and increased sales of high-margin ornamental plants, Aurora's plant propagation business posted $8.9 million in revenue, up 22% YoY. Maintaining a debt-free cannabis business, the company ended the quarter with $180 million in cash.
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