Aurora Cannabis Inc. (ACB) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.837 and Edgar. On prepared remarks by Miguel and Simona, we'll conduct a question-answer 00:00:04.837 -- 00:00:08.702 session with our covering analysts. With that, I'll turn the call over to Miguel. 00:00:08.702 -- 00:00:11.163 Please go ahead. 00:00:11.306 -- 00:00:16.432 Thanks, Kevin. We're delighted to share Aurora's results today, showcasing a record-setting 00:00:16.432 -- 00:00:21.639 year in global medical net revenue, adjusted EBITDA, and positive free 00:00:21.639 -- 00:00:27.126 cash flow. This performance is anchored by a strong and flexible balance sheet exemplified 00:00:27.126 -- 00:00:32.516 by a sizable cash balance of $185 million and a debt-free cannabis 00:00:32.516 -- 00:00:37.822 business. We believe that's a significant advantage relative to the industry. 00:00:37.822 -- 00:00:40.044 Here are some key highlights from fiscal 2025. 00:00:40.044 -- 00:00:41.846 First, 00:00:41.846 -- 00:00:47.353 net revenue rose 27% to a record $343 million, 00:00:47.353 -- 00:00:50.676 which included global medical cannabis revenue increasing 39%. 00:00:50.676 -- 00:00:52.676 International 00:00:52.679 -- 00:00:57.668 revenue generation eclipsed the strong contribution from Canadian medical and comprised 00:00:57.668 -- 00:01:03.835 over half of total global medical cannabis, up from 41% in fiscal 2024. 00:01:04.499 -- 00:01:09.807 Second, adjusted gross margin improved to 55% compared to 49% 00:01:09.807 -- 00:01:15.396 as we benefited from both higher cannabis and plant propagation margins. 00:01:15.396 -- 00:01:20.965 And finally, we generated record adjusted EBITDA of almost $50 million with 00:01:20.965 -- 00:01:25.958 record positive free cash flow of about $10 million. 00:01:25.958 -- 00:01:30.824 Aurora is already the lar...