Core Viewpoint - Cannabis stocks surged on Monday, with Canopy Growth (CGC.US) and Tilray Brands (TLRY.US) rising nearly 20%, Aurora Cannabis (ACB.US) up nearly 13%, and Cronos Group (CRON.US) increasing by nearly 12% due to reports that Trump is considering reclassifying cannabis as a lower-risk substance [1] Group 1 - Canopy Growth (CGC.US) experienced a significant price increase of nearly 20% [1] - Tilray Brands (TLRY.US) also saw a rise of nearly 20% [1] - Aurora Cannabis (ACB.US) rose nearly 13% [1] - Cronos Group (CRON.US) increased by nearly 12% [1] Group 2 - The surge in cannabis stocks is linked to a report from The Wall Street Journal regarding Trump's potential reclassification of cannabis [1]

Core Points - Aurora Cannabis Inc. held its Annual General and Special Meeting of Shareholders on August 8, 2025, with 17,736,521 common shares represented, accounting for 31.53% of the total issued shares [1] - The election results for the Board of Directors showed that all nominees, except for Theresa Firestone, were elected [2] - Following the meeting, Theresa Firestone resigned from the Board effective August 31, 2025, and Michael Singer was appointed as the new Lead Independent Director and Chair of the Human Resources and Compensation Committee [3][4] - Shareholders approved the appointment of Ernst & Young LLP as auditors and amendments to the Company's RSU Plan, PSU Plan, and Share Option Plan, but the advisory vote on executive compensation did not pass [5] Voting Results - Miguel Martin received 5,513,929 votes for his position, while Theresa Firestone received only 2,620,830 votes for her position, leading to her resignation [2][3] - The voting results indicate a strong preference for the other board nominees, with the highest votes for Michael Singer at 5,194,307 [2] Company Overview - Aurora Cannabis is a leading global medical cannabis company based in Canada, serving both medical and consumer markets across multiple regions including Canada, Europe, Australia, and New Zealand [7] - The company offers a diverse portfolio of brands in both adult-use and medical cannabis markets, emphasizing high-quality products and innovation [7][8]

Financial Data and Key Metrics Changes - The company reported a record net revenue of $343 million, representing a 27% increase year-over-year, with global medical cannabis revenue increasing by 39% [30][31] - Adjusted gross margin improved to 55% from 49%, benefiting from higher cannabis and plant propagation margins [31] - The company generated record adjusted EBITDA of nearly $50 million and positive free cash flow of about $10 million [30][31] Business Line Data and Key Metrics Changes - International revenue generation surpassed Canadian medical contributions, comprising over 50% of total global medical cannabis revenue, up from 41% in fiscal 2024 [30][31] - The company is positioned as a leader in global medical cannabis, focusing on high-margin segments and operational efficiencies [31][32] Market Data and Key Metrics Changes - The company holds leading market positions in Canada, Australia, Germany, Poland, and the UK, with plans to capitalize on emerging medical cannabis opportunities in underpenetrated markets [32][33] - The global medical cannabis market is estimated to exceed $5 billion, indicating significant growth potential, particularly in Europe and Australia [33][42] Company Strategy and Development Direction - The company’s strategy focuses on a medical cannabis-first approach, aiming for sustainable profitable growth in fiscal 2026 and beyond [33] - Investments in new cultivation technology and strong third-party partnerships are intended to optimize production planning and meet demand [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to deliver sustainable profitable growth, highlighting a 200% year-over-year growth in adjusted EBITDA for Q1 of fiscal 2026 [36] - The company is committed to maintaining positive free cash flow and operational discipline, with expectations for continued growth in international medical revenue [40][42] Other Important Information - The company has a strong balance sheet with a cash balance of $185 million and operates a debt-free cannabis business, providing a competitive advantage [30] - The company’s operational execution and industry leadership are seen as key factors for future growth [39] Q&A Session Summary Question: What can we expect from adjusted EBITDA patterns moving forward? - Management indicated that fiscal 2025 was a record year for adjusted EBITDA and expressed optimism for continued growth, noting over 200% year-on-year growth in Q1 of fiscal 2026 [36] Question: Why should shareholders continue to invest in the company? - The company has consistently identified and delivered on strategic priorities, focusing on profitable growth and maintaining a strong balance sheet without needing dilutive capital raises [38][39] Question: What can we expect from free cash flow moving forward? - The company expects to remain free cash flow positive, with a 42% increase in free cash flow reported in Q1 of fiscal 2026 compared to the previous year [40][41] Question: Are there still headwinds in international medical revenue? - Management reported strong performance in international medical cannabis, with revenue increasing by 85% year-over-year, and indicated that previous headwinds have subsided [42]

Core Viewpoint - Aurora Cannabis Inc. is set to discuss its strategic direction, recent milestones, and growth opportunities at the Canaccord Genuity 45th Annual Growth Conference, emphasizing its commitment to innovation and leadership in the global medical cannabis sector [2][6]. Group 1: Company Overview - Aurora Cannabis Inc. is a leading global medical cannabis company based in Canada, serving both medical and consumer markets across Canada, Europe, Australia, and New Zealand [4]. - The company offers a diverse portfolio of brands, including adult-use brands such as Drift and San Rafael '71, and medical cannabis brands like MedReleaf and CanniMed [4]. - Aurora holds a controlling interest in Bevo Farms Ltd., a major supplier of propagated agricultural plants in North America [4]. Group 2: Conference Details - The conference call is scheduled for August 13th at 1:30 PM Eastern Standard Time, with a live audio webcast available for registration [3]. - Simona King, the Chief Financial Officer, will participate in a fireside chat and conduct one-on-one meetings with investors throughout the day [1][3]. Group 3: Strategic Focus - The discussion at the conference will highlight Aurora's strategic direction and its commitment to innovation within the medical cannabis industry [2]. - The company aims to leverage recent milestones to identify and pursue growth opportunities in the evolving cannabis market [2].

Core Insights - Aurora Cannabis reported a first-quarter fiscal 2026 loss per share of 26 cents, missing the Zacks Consensus Estimate of 18 cents per share and reversing a profit from the prior year [1][7] - The company's total net revenues reached $98 million, reflecting a year-over-year increase of 17.5% and surpassing the Zacks Consensus Estimate by 38.3% [3][7] Revenue Performance - The revenue growth was primarily driven by strong international medical cannabis sales, particularly in Australia, Germany, Poland, and the UK, alongside increased revenues in Canada [4][8] - The Global Medical Cannabis segment generated $64.8 million in revenues, up 37% year over year, making it the strongest contributor to the company's revenue [5][8] - International Medical Cannabis revenues surged 84.7% year over year to $37.1 million, while Canadian Medical Cannabis revenues increased by 2.1% to $27.7 million [8][9] Segment Analysis - Consumer cannabis revenue declined by 32% year over year to $7.9 million, as the company prioritized high-margin medical cannabis over the lower-margin consumer segment [9] - The Plant Propagation segment, primarily from the Bevo business, contributed $23.9 million, up 3.8% from the previous year [10] Financial Metrics - Gross profit decreased by 34.9% year over year to $27.9 million, but the adjusted gross margin improved by 1000 basis points to 52% [11] - Total operating expenses rose by 9.7% year over year to $48.2 million, with significant increases in general and administration expenses [11][12] Financial Position - At the end of the first quarter, Aurora Cannabis had cash and cash equivalents of $140.2 million, slightly up from $137.9 million at the end of fiscal 2025 [13] - Net cash provided by operating activities increased to $10.1 million compared to $8.3 million a year ago [13] Future Guidance - The company anticipates consolidated net revenue growth in the fiscal second quarter of 2026, with Global Medical Cannabis revenue expected to increase by 8%-12% [14] - The Plant Propagation segment is expected to align with traditional seasonal trends, with a significant portion of annual revenue typically earned in the second half of the calendar year [14][15]

Group 1: Earnings Performance - Aurora Cannabis Inc. reported a quarterly loss of $0.19 per share, compared to the Zacks Consensus Estimate of $0.18, and a loss of $0.11 per share a year ago, indicating an earnings surprise of -205.56% [1] - The company posted revenues of $75.49 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.50%, and compared to year-ago revenues of $67.27 million [2] - Over the last four quarters, Aurora Cannabis has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Aurora Cannabis shares have increased by approximately 8.2% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $0.09 on revenues of $65.3 million, and $0.56 on revenues of $272.14 million for the current fiscal year [7] Group 3: Industry Context - The Medical - Products industry, to which Aurora Cannabis belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

Financial Data and Key Metrics Changes - Net revenue increased by 17% to $98 million, with global medical cannabis revenue rising by 37% and international revenue growing by 85% [6][18] - Adjusted gross margin improved by 1,000 basis points to 52%, benefiting from higher cannabis margins [6][17] - Adjusted EBITDA more than doubled to $11 million, with positive free cash flow of $9 million [7][22] Business Line Data and Key Metrics Changes - Medical cannabis net revenue rose by 37% to $64.8 million, comprising 66% of total net revenue [18][19] - Consumer cannabis net revenue decreased to $7.9 million, down from $11.5 million, as the focus shifted to higher-margin medical cannabis [19] - Plant propagation net revenue increased by 4% to $23.9 million, marking a record quarter for the company [20] Market Data and Key Metrics Changes - Aurora holds a leading market position in Canada, Australia, Germany, Poland, and the UK, with significant growth opportunities in these regions [7][10] - The Australian market is growing rapidly, with Aurora holding the number two market share [10] - In Germany, the descheduling in April 2024 has led to increased patient registrations and higher prescription volumes [12] Company Strategy and Development Direction - The company aims to capitalize on the global medical cannabis market, projected to exceed $5 billion, particularly in Europe and Australia [26] - Aurora has built strong competitive barriers through scientific expertise and regulatory navigation, focusing on premium product offerings [26] - The company is investing in new cultivation technology and establishing third-party partnerships to optimize production [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential regulatory changes in Germany, emphasizing the company's preparedness [12][52] - The company anticipates continued strong performance in Q2, with expected year-over-year revenue growth driven by the global medical cannabis segment [23][47] - Management highlighted the importance of maintaining high-quality products to succeed in competitive markets [57] Other Important Information - The company ended the quarter with $186 million in cash and cash equivalents, with no debt in its cannabis operations [22] - Adjusted SG&A expenses increased by 19% to $37.4 million, reflecting higher selling and distribution costs [21] Q&A Session Summary Question: Higher SG&A expenses and future expectations - Management explained that SG&A expenses are variable costs tied to revenue growth, with some one-time costs related to the integration of Med Relief Australia [31][33] Question: Competition in Europe and margin structure - Management acknowledged increased competition in Europe but emphasized Aurora's established market position and ability to navigate regulatory challenges [35][36] Question: Vivo liabilities and audit process - Management clarified that the movement of Vivo's liabilities to current is an accounting treatment and does not impact the audit process [43][45] Question: Q2 guidance on adjusted EBITDA - Management expects positive adjusted EBITDA in Q2, with growth compared to Q1 [47] Question: Regulatory changes in Germany - Management indicated that potential regulatory changes in Germany would likely be clearer by the end of the year, with a focus on maintaining a strong market position [51][52] Question: Market conditions in Poland - Management confirmed that demand and sales in Poland have returned to previous levels, with a focus on high-quality products [57][58] Question: Supply chain and third-party purchases - Management stated that 90% of production is GMP certified, with ongoing investments in facilities to increase yield and potency [63][64] Question: Opportunities for vertical integration - Management discussed the potential for downstream integration and partnerships with clinics and distributors, emphasizing the importance of product quality [68][70]

Investor Presentation FY26 Q1 June 2025 Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information contained in this presentation constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend ...

Core Insights - Aurora Cannabis Inc. reported a strong first quarter for fiscal 2026, with a 37% increase in global medical cannabis net revenue, driven by significant growth in international markets, particularly Germany and Poland [2][5][7] - The company achieved over 200% growth in adjusted EBITDA and a 42% increase in positive free cash flow, indicating robust operational performance [2][8][16] - The international medical cannabis segment now represents 57% of total net revenue, highlighting the company's competitive advantage in this high-margin area [3][7] Financial Performance - Total net revenue for Q1 2026 was $98.0 million, up 17% from $83.4 million in the prior year, primarily due to the growth in medical cannabis and plant propagation businesses [5][21] - Adjusted gross margin before fair value adjustments improved to 52% in Q1 2026 from 42% in the prior year, with adjusted gross profit increasing by 42% to $49.0 million [6][21] - Medical cannabis net revenue reached $64.8 million, a 37% increase year-over-year, contributing 66% of total consolidated net revenue [7][21] Segment Performance - International medical cannabis revenue surged by 85% to $37.1 million, driven by increased sales in Australia, Germany, Poland, and the UK [8][21] - Consumer cannabis net revenue decreased by 32% to $7.9 million, as the company prioritized high-margin medical cannabis products over lower-margin consumer offerings [10][21] - Plant propagation revenue from Bevo Farms increased by 4% to $23.9 million, supported by organic growth and expanded product offerings [12][21] Operational Efficiency - Adjusted SG&A expenses rose to $37.4 million, reflecting higher logistics costs associated with European sales and the acquisition of MedReleaf Australia [14][21] - The company maintained a strong balance sheet with approximately $186.0 million in cash and a debt-free cannabis business, with only non-recourse debt of $59.8 million related to Bevo Farms [4][21] Future Outlook - For Q2 2026, the company anticipates continued revenue growth, primarily driven by an 8% to 12% increase in the global medical cannabis segment [17][21] - Consolidated adjusted gross margins are expected to improve, with positive adjusted EBITDA projected to continue [18][21] - Free cash flow is expected to remain positive on an annual basis, despite anticipated cash outflows in Q2 2026 [19][21]

Core Insights - Aurora Cannabis (ACB) is set to release its first-quarter fiscal 2026 results on August 6, with earnings estimated at 18 cents per share and revenues at $70.88 million, indicating a year-over-year earnings growth of 263.6% and a revenue increase of 5.4% [1][2] Financial Performance - The consensus for fiscal 2026 revenues is $272.1 million, reflecting a 7.6% year-over-year rise, while the EPS estimate is 56 cents, suggesting a 100% improvement year-over-year [2] - ACB has surpassed the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 50.10% [2] Market Dynamics - ACB's medical cannabis sales are expected to have increased in Germany and Australia, driven by new product launches, although regulatory disruptions in Poland and seasonal fluctuations may have impacted revenue growth [5][8] - The company has expanded its IndiMed portfolio in Australia, launching TEMPO 22 cultivars to meet rising patient demand, which is likely to enhance top-line growth [7] Operational Developments - ACB's recent $3 million upgrade to its Alpine facility in British Columbia has doubled yields and potency, potentially supporting top-line growth [10] - Despite a projected slight decline in first-quarter revenues compared to the previous quarter, margins are expected to remain robust due to a favorable product mix and cost discipline [11] Valuation and Stock Performance - Year-to-date, ACB shares have gained 5.4%, outperforming peers like Tilray Brands and Canopy Growth [12] - ACB trades at a forward 12-month P/S of 0.9, reflecting stronger growth expectations compared to Tilray Brands (0.65) and a lower valuation than Canopy Growth (1.07) [13]