Major players in the cannabis industry have released their latest financial results, revealing stark contrasts in performance and strategy as the sector continues to evolve. Aurora Cannabis, Curaleaf, and Trulieve all reported key financials for the first half of 2025 (Aurora for fiscal Q1 2026), offering a window into how each company is navigating shifting global markets and regulatory challenges.
Aurora Cannabis: Global Expansion Delivers Growth
Aurora Cannabis delivered a solid first quarter for fiscal 2026, underscored by a 37% year-over-year increase in global medical cannabis net revenue, totaling $64.8 million CAD. International markets played a pivotal role, with revenue abroad jumping 85% to $37.1 million CAD.
Operationally, the company reached adjusted EBITDA of $10.8 million CAD, marking over 200% growth compared to the prior year. It also posted positive free cash flow of $9.2 million CAD, up 42% year-over-year, while maintaining a debt-free cannabis business and holding $186 million CAD in cash.
This strong balance sheet and international performance reinforce Aurora’s positioning as a lean, global medical cannabis leader focused on profitability and sustainable growth.
Curaleaf: International Uplift Amid Domestic Decline
Curaleaf’s Q2 2025 results paint a more mixed picture. While total revenue declined 8% year-over-year to $314.5 million CAD, it did show a 1.5% sequential uptick over Q1. The company’s international revenue rose 67% to $75.8 million CAD, mirroring Aurora’s global gains.
However, Curaleaf reported a net loss of $50.6 million CAD from continuing operations. Even after adjustments, the company faced an adjusted net loss of $47.8 million CAD, with an adjusted EBITDA margin slipping slightly to 21%.
Despite a healthy gross margin of 49% and $102.3 million CAD in cash, the decline in U.S. revenue signals challenges in its core market. Stakeholders will likely keep a close eye on how the company addresses domestic headwinds while leaning more into international expansion.
Trulieve: Steady Revenue, Strong Margins, Solid Cash
Trulieve’s Q2 2025 numbers tell a different story: stable revenue, high margins, and operational discipline. Total revenue stood at $302 million CAD, unchanged from the prior year, with 94% from retail sales. Gross margin improved to 61%, and adjusted EBITDA hit $111 million CAD, a 3% year-over-year increase, equaling 37% of revenue, the highest margin of the three companies.
While the company still posted a net loss of $14 million CAD, its adjusted net loss was just $8 million CAD, after excluding non-recurring items. Trulieve generated $86 million CAD in operating cash flow and $75 million CAD in free cash flow, and ended the quarter with $401 million CAD in cash, giving it the strongest liquidity position among its peers.
Trulieve’s focus on cost control, retail sales, and customer loyalty, evidenced by over 725,000 loyalty members, who accounted for 71% of all transactions, suggests a stable base and efficient operation amid broader market uncertainty.
What This Means for Investors
- Aurora is proving that a focused international strategy can deliver profitability, with a tight balance sheet and improving margins.
- Curaleaf is in a transitional phase, balancing a shrinking U.S. footprint with promising international expansion, but still burdened by significant losses.
- Trulieve is betting on operational efficiency and customer loyalty to sustain its cash-positive performance, even with flat revenue.
Stakeholders across the sector will be watching how these contrasting strategies play out in the second half of the year, particularly as international opportunities expand and U.S. federal reforms remain uncertain.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
