AURORA CANNABIS INC
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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Sep 30, 2026 · Filed Nov 5, 2026
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EX-99.2 · Adjusted EBITDA(2)
Adjusted EBITDA(2)
The following is the Company’s adjusted EBITDA:
| ($ thousands) · Three months ended · Six months ended | ||||
|---|---|---|---|---|
| September 30, 2026 · September 30, 2025 (3) · September 30, 2026 · September 30, 2025 (3) | ||||
| Net loss from continuing operations | (21,050) | (27,182) | (25,083) | (37,368) |
| Income tax expense | 1,553 | 2,605 | 1,956 | 2,534 |
| Other (income) expense | 1,563 | 7,550 | (3,538) | 5,865 |
| Share-based compensation | 3,640 | 4,969 | 4,333 | 7,155 |
| Depreciation and amortization | 3,946 | 4,215 | 7,373 | 7,775 |
| Business development costs | 1,713 | 321 | 3,302 | 682 |
| Inventory and biological assets fair value and impairment adjustments | 11,908 | 17,209 | 13,264 | 28,627 |
| Business transformation costs (1) | 10,724 | 5,708 | 15,833 | 10,940 |
| Adjusted EBITDA (2) | 13,997 | 15,395 | 17,440 | 26,210 |
(1)Business transformation related charges include costs related to restructuring, certain IT project costs, net sublease income (expenses), severance and retention costs in connection with the consumer channel exit, legal provisions, professional fees incurred in connection with an unsolicited Hostile Bid and other business transformation initiatives.
(2)Adjusted EBITDA is defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measure has been provided accordingly.
(3)Prior period comparatives were adjusted to include the adjustments for non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation.
Adjusted EBITDA was $14.0 million for the three months ended September 30, 2026 compared to $15.4 million for the three months ended September 30, 2025. The decrease of $1.4 million is primarily due to an increase in adjusted SG&A of $2.5 million, partially offset with an increase of $1.1 million in adjusted gross profit before fair value adjustments.
Adjusted EBITDA was $17.4 million for the six months ended September 30, 2026 compared to $26.2 million for thesix months ended September 30, 2025. The decrease of$8.8 million is primarily due to adecrease of $7.2 million in adjusted gross profit before fair value adjustments combined with anincrease in adjusted SG&A of $1.5 million.
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