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AURORA CANNABIS INC.

Interim Condensed Consolidated Financial Statements
(Unaudited)

For the three months ended June 30, 2025 and 2024
(in Canadian Dollars)








AURORA CANNABIS INC.
Interim Condensed Consolidated Statements of Financial Position
(Unaudited)

($ thousands)NoteJune 30, 2025
March 31, 2025
$$
Assets
Current assets
Cash and cash equivalents140,160 137,921 
Restricted cash
9, 2(c)
45,873 47,407 
Accounts receivable39,136 42,470 
Biological assets336,584 51,168 
Inventory
4, 2(c)
191,679 187,925 
Prepaids and other current assets11,657 11,215 
Assets held for sale
 
212 222 
465,301 478,328 
Property, plant and equipment
 2(c)
266,211 268,107 
Deposits and other long-term assets6,507 7,722 
Lease receivable4,871 5,256 
Intangible assets47,096 45,163 
Goodwill43,689 43,871 
Deferred tax assets
2(c)
4,164 4,219 
Total assets837,839 852,666 
Liabilities
Current liabilities
Accounts payable and accrued liabilities81,288 73,605 
Income taxes payable6,892 7,601 
Deferred revenue1,689 1,074 
Loans and borrowings - current portion559,841 21,513 
Lease liabilities - current portion5,488 5,381 
Provisions1,687 1,689 
156,885 110,863 
Loans and borrowings5— 40,194 
Lease liabilities
 2(c)
36,300 37,495 
Derivative liabilities
7(e), 12
4,838 5,531 
Other long-term liabilities
12
49,215 48,095 
Deferred tax liabilities1,917 1,897 
Total liabilities249,155 244,075 
Shareholders’ equity
Share capital66,991,414 6,991,154 
Contributed surplus7160,472 158,970 
Accumulated other comprehensive income (loss)(215,893)(215,208)
Retained earnings (deficit)
2(c)
(6,384,073)(6,367,745)
Equity attributable to Aurora Cannabis Inc. shareholders551,920 567,171 
Non-controlling interests36,764 41,420 
Total shareholders’ equity588,684 608,591 
Total liabilities and shareholders’ equity837,839 852,666 

See accompanying notes to these interim condensed consolidated financial statements.

2

AURORA CANNABIS INC.
Interim Condensed Consolidated Statements of Income (loss) and Comprehensive Income (loss)
(Unaudited)
Three months ended June 30,
($ thousands)Note2025
 2024(1)
$$
Revenue10104,45592,037
Excise taxes(6,432)(8,602)
Net revenue98,02383,435
Cost of sales
4, 2(c)
62,05554,939
Gross profit before fair value adjustments35,96828,496
Loss on changes in fair value of inventory and biological assets sold
3, 4
36,67533,048
Gain on changes in fair value of biological assets3(28,658)(47,469)
Gross profit27,95142,917
Expense
General and administration
2(c)
28,62822,753
Sales and marketing14,45514,024
Business development costs3611,001
Research and development829987
Depreciation and amortization
   
1,7142,114
Share-based compensation72,1863,019
48,17343,898
Other income (expenses)
Interest and other income1,9683,346
Finance and other costs
2(c)
(1,775)(1,761)
Foreign exchange gain (loss)611,843
Other gains (loss)5843,500
Impairment of property, plant and equipment
 
—(129)
8386,799
Income (loss) before Income tax recovery (expense)(19,384)5,818
Income tax recovery (expense)
 Current105(821)
Deferred, net
2(c)
(102)(1,547)
3(2,368)
Net income (loss) from continuing operations(19,381)3,450
Net income (loss) from discontinued operations, net of tax
 
(484)304
Net income (loss)
(19,865)3,754
(1) Certain previously reported amounts are revised (Note 2(c)).
See accompanying notes to these interim condensed consolidated financial statements.

3

AURORA CANNABIS INC.
Interim Condensed Consolidated Statements of Income (loss) and Comprehensive Income (loss)
(Unaudited)
Three months ended June 30,
($ thousands)Note2025
2024(1)
$$
Net income (loss) from continuing operations(19,381)3,450
Net income (loss) from discontinued operations, net of tax
 
(484)304
Net income (loss)(19,865)3,754
Other comprehensive income (loss) that may be reclassified to net income (loss)
Foreign currency translation gain (loss)(685)(2,240)
Total other comprehensive income (loss)
(685)(2,240)
Comprehensive income (loss) from continuing operations(20,066)1,210
Comprehensive income (loss) from discontinued operations(484)304
Comprehensive income (loss)(20,550)1,514
Net income (loss) from continuing operations attributable to:
Aurora Cannabis Inc.(14,725)4,822
Non-controlling interests(4,656)(1,372)
(19,381)3,450 
Net income (loss) from discontinued operations attributable to:
Aurora Cannabis Inc.(484)304
Non-controlling interests——
(484)304 
Comprehensive income (loss) attributable to:
Aurora Cannabis Inc.(15,894)2,886
Non-controlling interests(4,656)(1,372)
(20,550)1,514 
Net income (loss) per share - basic and diluted
Continuing operations8($0.26)$0.09 
Discontinued operations8($0.01)$0.01 
Total operations 8($0.27)$0.10 
(1) Certain previously reported amounts are revised (Note 2(c)).
See accompanying notes to these interim condensed consolidated financial statements.

4

AURORA CANNABIS INC.
Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
Share Capital
($ thousands)NoteCommon SharesAmountContributed SurplusAccumulated Other Comprehensive Income (Loss)DeficitNon-Controlling InterestsTotal
#$$$$$$
Balance, March 31, 202556,234,231 6,991,154 158,970 (215,208)(6,367,745)41,420 608,591 
Share issuance costs— (73)— — — — (73)
Exercise of stock options7(a)3,968 46 (16)— — — 30 
Shares issued under share-based compensation plans714,461 287 (287)— — — — 
Share-based compensation7— — 1,805 — — — 1,805 
Put option liability— — — — (1,119)— (1,119)
Comprehensive income (loss) — — — (685)(15,209)(4,656)(20,550)
Balance, June 30, 2025
56,252,660 6,991,414 160,472 (215,893)(6,384,073)36,764 588,684 


Share Capital
($ thousands)NoteCommon SharesAmountContributed SurplusAccumulated Other Comprehensive Income (Loss)
Deficit(1)
Non-Controlling InterestsTotal
#$$$$$$
Balance, March 31, 2024
54,545,797 6,971,416 162,351 (206,058)(6,368,200)42,097 601,606 
Shares issued under share-based compensation plans
7
103,724 2,134 (2,161)— — — (27)
Share-based compensation
7
— — 2,433 — — — 2,433 
Put option liability— — — — (4,841)— (4,841)
Comprehensive income (loss) — — 0(2,240)5,126 (1,372)1,514 
Balance, June 30, 202454,649,521 6,973,550 162,623 (208,298)(6,367,915)40,725 600,685 
(1) Certain previously reported amounts are revised (Note 2(c)).
See accompanying notes to these interim condensed consolidated financial statements.
5

AURORA CANNABIS INC.
Interim Condensed Consolidated Statements of Cash Flows
Three months ended June 30,
Note2025
2024(1)
$$
Operating activities
Net income (loss) from continuing operations(19,381)3,450 
Adjustments for non-cash items:
Unrealized gain on changes in fair value of biological assets (28,658)(47,469)
Changes in fair value of inventory and biological assets sold
36,675 33,048 
Depreciation of property, plant and equipment5,948 5,633 
Amortization of intangible assets234 107 
Share-based compensation
7
2,186 3,019 
Impairment of property, plant and equipment
 
— 129 
Net interest accrual and accretion178 738 
Deferred tax recovery (expense)102 1,547 
Other gain (loss)(584)(2,521)
Foreign exchange gain (loss)(61)(2,313)
Deferred compensation amortization951 952 
Cash provided by (used in) operating activities from continuing operations before changes in non-cash working capital(2,410)(3,680)
Changes in non-cash working capital912,545 12,540 
Net cash provided by (used in) operating activities from continuing operations10,135 8,860 
Net cash used in operating activities from discontinued operations(14)(485)
Net cash provided by (used in) operating activities10,121 8,375 
Investing activities
Proceeds from disposal of marketable securities— 4,700 
Purchase of property, plant and equipment and intangible assets(5,044)(5,153)
Proceeds from disposal of property, plant and equipment and assets held for sale10 1,267 
Changes in restricted cash
2(c)
— (830)
Net cash used in investing activities(5,034)(16)
Financing activities
Proceeds from loans and borrowings5— 671 
Repayment of loans and borrowings5(1,901)(5,593)
Net principal payments of lease liabilities(1,451)(1,384)
Proceeds from stock option exercise30 — 
Cash used in financing activities(3,322)(6,306)
Effect of foreign exchange on cash and cash equivalents474 62 
Increase (decrease) in cash and cash equivalents2,239 2,115 
Cash and cash equivalents, beginning of period
2(c)
137,921 136,095 
Cash and cash equivalents, end of period
2(c)
140,160 138,210 
(1) Certain previously reported amounts are revised (Note 2(c)).
See accompanying notes to these interim condensed consolidated financial statements.
6

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 1    Nature of Operations

Aurora Cannabis Inc.’s (the “Company” or “Aurora”) principal strategic business lines are focused on the production, distribution and sale of cannabis products in Canada and internationally. The Company currently conducts the following key business activities in the jurisdictions listed below:

•Production, distribution and sale of medical and consumer cannabis products in Canada pursuant to the Cannabis Act;
•Production and distribution of wholesale medical cannabis in the European Union (“EU”) pursuant to the German Medicinal Products Act and German Narcotic Drugs Act; and
•Distribution of wholesale medical cannabis in various international markets, including Australia, New Zealand, and the Caribbean.

The Company has a 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd., a key supplier of propagated vegetables and ornamental plants in North America. Due to the nature of the plant propagation business, which delivers higher revenue in the late winter and spring months as orders are fulfilled there is seasonality reflected in the results of operations.

The Company’s head office and principal address is 2207 90B St. SW Edmonton, Alberta T6X 0J9, Canada. The Company’s registered and records office address is Suite 1700, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8.

Note 2    Material Accounting Policies and Judgments

Preparation of these interim condensed consolidated financial statements requires management to make certain judgments, estimates and assumptions based on existing knowledge that affect the application of accounting policies and reported amounts and disclosures. Actual results could differ from these estimates and assumptions. In particular, the impact of geopolitical events, such as imposed tariffs in the North American market, could materially impact customer and supplier arrangements, namely within the plant propagation segment, as well as interest and inflation rates, resulting in increased volatility and near-term uncertainty. Management has, to the extent reasonable, incorporated known facts and circumstances into estimates made, however actual results could differ from those estimates and those differences could be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

(a)    Basis of Presentation and Measurement

The Company’s unaudited interim condensed consolidated financial statements are prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data.

The interim condensed consolidated financial statements do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with the Company’s March 31, 2025 audited annual consolidated financial statements.

Certain financial balances from fiscal 2025 have been reclassified in the interim condensed consolidated statements of income (loss) and comprehensive income (loss) and interim condensed consolidated statements of cash flows. In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects (Note 2(c)).

These interim condensed consolidated financial statements were authorized for issue by the Audit Committee of the Board of Directors on August 5, 2025.

(b)    Basis of Consolidation

These interim condensed consolidated financial statements include the financial results of the Company and its subsidiaries. Subsidiaries include entities which are wholly-owned as well as entities over which Aurora has the authority or ability to exert control over the investee’s financial and/or operating decisions (i.e. control), which in turn may affect the Company’s exposure or rights to the variable returns from the investee. The interim condensed consolidated financial statements include the operating results of acquired or disposed entities from the date control is obtained or the date control is lost, respectively. All intercompany balances and transactions are eliminated upon consolidation.

(c) Revisions to Previously Issued Financial Statements

As previously disclosed in the Company’s March 31, 2025 audited annual consolidated financial statements, in connection with the audit of the annual consolidated financial statements as at and for the year ended March 31, 2025, the Company identified an error in inventory and cost of sales arising from intercompany profit eliminations, resulting in an overstatement of inventory and understatement of cost of sales. Additionally, the Company understated its lease liability during a period in which a rent concession was granted by the lessor. In respect of the Company’s presentation of cash and cash equivalents and restricted cash, the Company determined that certain previously reported restricted cash held within its captives was accessible to the Company and therefore not restricted. The unrestricted portion was reclassified to cash and cash equivalents. The Company concluded an amendment of previously-filed audited consolidated financial statements and unaudited interim condensed consolidated financial statements was not required. The revisions are reflected in the comparative period of the Company’s prospective interim condensed consolidated financial statements filing. Refer to note 2(j) to the Company’s consolidated financial statements as at and for the year ended March 31, 2025.
7

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 3    Biological Assets

The following is a breakdown of biological assets:

June 30, 2025
March 31, 2025
$$
Indoor cannabis production facilities16,649 18,368 
Plant propagation production facilities19,411 32,800 
Outdoor cannabis production facilities524 — 
36,584 51,168 

The changes in the carrying value of biological assets during the period are as follows:
June 30, 2025
$
Balance, beginning of period51,168 
Production costs capitalized
25,643 
 Sale of biological assets(26,180)
 Change in inventory provision 244 
 Foreign currency translation14 
Gain (Loss) on changes in fair value of biological assets28,658 
Transferred to inventory upon harvest
(42,963)
Balance, end of period36,584 

During the three months ended June 30, 2025, biological assets expensed to cost of sales of $26.2 million (three months ended June 30, 2024 – $22.6 million) including $5.2 million (three months ended June 30, 2024 – $3.9 million) related to the changes in fair value of biological assets sold.

a) Indoor cannabis production facilities

As of June 30, 2025, the weighted average fair value less cost to complete and cost to sell a gram of dried cannabis produced at the Company’s indoor cannabis cultivation facilities was $3.24 per gram (March 31, 2025 – $3.62 per gram) and the stage of completion of indoor cannabis was 44% (March 31, 2025 - 44%).

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor cannabis production facilities:
Significant inputs & assumptions(1)
Range of inputsSensitivityImpact on fair value
June 30,
2025		March 31, 2025June 30,
2025		March 31, 2025
Average selling price per gram$6.36 $6.61 
Increase or decrease of $1.00 per gram
$3,201 $3,401 
Weighted average yield (grams per plant)75.44 73.46 
Increase or decrease by 5 grams per plant
$1,627 $1,823 
Cost per gram to complete production$1.32 $1.40 
Increase or decrease of $1.00 per gram
$3,201 $3,466 
(1)Significant inputs and assumptions are in whole numbers as indicated.

During the three months ended June 30, 2025, the Company’s indoor cannabis biological assets produced 11,690 kilograms of dried cannabis (June 30, 2024 – 11,744 kilograms).





8

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



b) Plant propagation production facilities

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at plant propagation production facilities:
Significant inputs & assumptions(1)
Range of inputsSensitivityImpact on fair value
June 30,
2025		March 31, 2025June 30,
2025		March 31, 2025
Average selling price per floral/bedding plant$5.82 $7.38 
Increase or decrease by 10%
$1,554 $2,963 
Average stage of completion in the production process52 %69 %
Increase or decrease by 10%
$1,139 $1,894 
(1)Significant inputs and assumptions are in whole numbers as indicated.

As of June 30, 2025, the weighted average fair value less cost to complete and cost to sell per propagation plant was $2.72 per plant (March 31, 2025 – $3.77).

Note 4    Inventory
June 30, 2025March 31, 2025
Capitalized
cost		Fair value
adjustment		Carrying
value		Capitalized
cost		Fair value
adjustment		Carrying
value
$$$$$$
Harvested cannabis
Work-in-process
50,780 52,102 102,882 40,369 52,740 93,109 
Finished goods
24,508 27,066 51,574 20,655 30,267 50,922 
75,288 79,168 154,456 61,024 83,007 144,031 
Extracted cannabis
Work-in-process
11,098 5,861 16,959 10,980 4,917 15,897 
Finished goods
6,354 678 7,032 12,998 2,686 15,684 
17,452 6,539 23,991 23,978 7,603 31,581 
Supplies and consumables12,050 — 12,050 11,402 — 11,402 
Merchandise and accessories1,182 — 1,182 911 — 911 
Ending balance105,972 85,707 191,679 97,315 90,610 187,925 

During the three months ended June 30, 2025, inventory expensed to cost of sales was $72.6 million (three months ended June 30, 2024 – $65.4 million), which included $31.4 million (three months ended June 30, 2024 – $29.1 million) related to the changes in fair value of inventory sold.

During the three months ended June 30, 2025, the Company recognized $12.9 million in inventory provisions (three months ended June 30, 2024 – $15.8 million) recognized in cost of sales of $5.9 million (three months ended June 30, 2024 – $2.1 million) and changes in fair value of inventory sold of $7.0 million (three months ended June 30, 2024 – $13.7 million).


9

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 5    Loans and Borrowings
On August 25, 2022, through the acquisition of a controlling interest of 50.1% in Bevo, the Company acquired the loans under Bevo’s credit facility (the “Credit Agreement”). The Credit Agreement includes two term loans (“Term Facility 1” and “Term Facility 2”, together the “Term Facilities”) and a Revolver.
On January 21, 2025, the Credit Agreement was amended (“Amended Credit Agreement”), resulting in the settlement of Term Facility 1 with a new loan agreement in the amount of $43.0 million. This includes transfers from the Revolver of $4.0 million and from Term Facility 2 of $5.0 million, which was substantially modified in the Amended Credit Agreement. Additionally, the maturity date of the Term Facilities and Revolver were extended to October 20, 2028 and quarterly interest is variable based on daily CORRA, plus an adjustment factor of 0.3%, plus an applicable margin ranging from 1.50% and 3.00%. The Term Facilities and Revolver are secured against all of Bevo’s propagation facilities, which have a carrying value of approximately $118.0 million. The terms of the Amended Credit Agreement are subject to customary financial and non-financial covenants.

As at June 30, 2025, Bevo was not in compliance with its fixed charge coverage ratio financial covenant. Accordingly, the Term Facilities are classified as current in the interim condensed consolidated statements of financial position. In addition, subsequent to June 30, 2025, Bevo was not in compliance with a non-financial covenant to provide audited financial statements. Bevo is in discussions with the lender to obtain a waiver for the breaches and enter into an amended credit agreement.
(a) Term Facilities
The changes in the carrying value of the Term Facilities are as follows:
Term Facilities
$
Balance, March 31, 202542,493 
Interest accretion35 
Principal repayments(596)
Balance, June 30, 2025
41,932 
Term Facility 1

The Company currently makes quarterly repayments of $0.5 million, with the balance outstanding payable upon maturity. As at June 30, 2025, the amount outstanding was $41.5 million (March 31, 2025 – $42.0 million) with a borrowing rate of 6.02% and an effective interest rate of 6.36%.
Term Facility 2
The Amended Credit Agreement allows for multiple advances to a maximum of $6.0 million. Quarterly repayments are required and are based on the amounts drawn upon, with the balance outstanding payable upon maturity. As at June 30, 2025, the total amount drawn from Term Facility 2 was $0.4 million (March 31, 2025 – $0.5 million) with a borrowing rate and effective interest rate of 6.02%.
(b) Revolver
The total borrowings available under the revolver is $18.0 million until maturity of October 21, 2028. Interest payments are based on daily CORRA, plus an adjustment factor of 0.3%, plus an applicable margin ranging from 1.50% and 3.00%. The undrawn balance of the revolver is subject to a stand-by fee between 0.4% and 0.6%. As at June 30, 2025, the total amount drawn from the revolver was $16.4 million (March 31, 2025 – $16.7 million), with a borrowing rate of 7.00%. The Revolver is classified as current on the interim condensed consolidated statements of financial position.
The Term Facilities and Revolver are secured against all of Bevo’s propagation facilities, which have a carrying value of approximately $118.0 million.

(c) Creditor Agreement
On March 18, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a fixed rate of 17.0% per annum. The principal and accrued interest were originally due on May 31, 2025, however this was subsequently amended to allow for a two month extension of the principal due August 1, 2025. The amendment also increases the fixed rate of interest to 17% during the extension period and requires accrued interest and an amendment fee totaling $0.5 million payable upon execution of the amendment. The Company advanced funds of $2.5 million, which together with accrued interest and the amendment fee are eliminated upon consolidation. During the three months ended June 30, 2025, the Company repaid $1.0 million to the other participating shareholders, resulting in a remaining balance of $1.5 million classified as current on the interim condensed consolidated statements of financial position. As a result of the breach in financial covenant under the Credit Agreement, the principal under the Creditor Agreement shall not be payable to Bevo shareholders until Bevo obtains additional financing from participating shareholders of Bevo and approval from the lender of the Credit Agreement.

During the three months ended June 30, 2025, total interest expense for loans and borrowings of $1.1 million (three months ended June 30, 2024 – $1.3 million) was recognized as finance and other costs in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). Accrued interest of $0.1 million (March 31, 2025 - $0.3 million) is recorded in accounts payable and accrued liabilities on the interim condensed consolidated statements of financial position.

10

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 6    Share Capital

(a)    Authorized

The authorized share capital of the Company is comprised of the following:

i.Unlimited number of common voting shares without par value (“Common Shares”).
ii.Unlimited number of Class “A” Shares each with a par value of $1.00.
iii.Unlimited number of Class “B” Shares each with a par value of $5.00.

(b)     Shares Issued and Outstanding

At June 30, 2025, 56,252,660 Common Shares (March 31, 2025 – 56,234,231) were issued and outstanding. As at June 30, 2025, no Class “A” Shares and no Class “B” Shares were issued and outstanding.

(c)     Share Purchase Warrants

A summary of warrants outstanding is as follows:
Warrants
Weighted Average
Exercise Price
#$
Balance, March 31, 20257,063,862 46.22
Expired(7,048,554)43.88
Balance, June 30, 202515,308 182.77

Note 7    Share-Based Compensation

(a)     Stock Options

The Option Plan provides the right for directors, officers, employees and consultants to purchase shares at a specified price (exercise price) in the future. The stock options have a service requirement of three years, vest 1/3 on the anniversary of the grant date and are amortized on an accelerated basis over that period. Stock options expire after five years.

A summary of stock options outstanding is as follows:
Stock
options
Weighted average
exercise price
#$
Balance, March 31, 2025
1,760,720 61.68
Granted435,819 5.90 
Exercised(3,968)7.60 
Forfeited(20,252)7.59 
Expired(21,424)219.09 
Balance, June 30, 2025
2,150,895 49.42


The following table summarizes the stock options that are outstanding as at June 30, 2025:
Exercise PriceExpiry DateWeighted average remaining lifeOptions outstandingOptions exercisable
$##
5.90 - 23.80
September 30, 2027 - June 24, 20303.691,967,574 785,753 
48.60 - 178.40
September 10, 2025 - February 28, 20271.04120,941 120,941 
1,240.80
March 13, 20260.762,380 62,381 
2,150,895 969,075 

During the three months ended June 30, 2025, stock option expense of $0.7 million (three months ended June 30, 2024 – $0.8 million) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss).

Stock options granted during the respective periods presented below were fair valued based on the following weighted average assumptions:
11

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Three months ended June 30,
20252024
Risk-free annual interest rate (1)
2.66%3.80%
Expected annual dividend yield—%—%
Expected stock price volatility (2)
91.41%80.82%
Expected life of options (years) (3)
3.062.55
Forfeiture rate8.78%11.22%
Weighted average value$3.50 $3.85 
Weighted average exercise price$5.90 $7.59 
(1)The risk-free rate is based on Canada government bonds with a remaining term equal to the expected life of the options.
(2)Volatility was estimated by using the average historical volatilities of the Company and certain companies in the same industry.
(3)The expected life in years represents the period of time that options granted are expected to be outstanding.

(b)     Restricted Share Units (“RSU”)

Under the terms of the Company’s Restricted Share Unit Plan (the “RSU Plan”), officers, employees and consultants of the Company may be granted RSUs that are released as Common Shares upon completion of the vesting period. Each RSU gives the participant the right to receive one common share of the Company. The RSUs have a service requirement of three years, vest 1/3 on the anniversary of the grant date and are amortized on an accelerated basis over that period and expire after three years.

A summary of the RSUs outstanding are as follows:
RSUs
#
Balance, March 31, 2025757,339 
Issued753,398 
Vested(206,259)
Forfeited(8,285)
Balance, June 30, 20251,296,193 

During the three months ended June 30, 2025, a total RSU expense of $0.9 million (three months ended June 30, 2024 – $1.2 million) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss).

(c)     Deferred Share Units (“DSU”)

Under the terms of the Company’s Non-Employee Directors Deferred Share Unit Plan (the “DSU Plan”), non-employee directors of the Company may be granted DSUs. Each non-employee director is entitled to redeem their DSUs for a period of 180 days following their termination date, being the date of their retirement from the Board. The DSUs can be redeemed, at the Company’s sole discretion, for (i) cash; (ii) Common Shares issued from treasury; (iii) Common Shares purchased in the open market; or (iv) any combination of the foregoing. DSUs vest immediately upon grant and have no expiry date.

DSUs
#
Balance, March 31, 2025372,602 
Issued(1)
47,347 
Balance, June 30, 2025419,949 
(1)Includes DSUs issued under cash settlement plan Note 7(e).

During the three months ended June 30, 2025, a total DSU expense of $0.1 million (three months ended June 30, 2024 – expense of $0.3 million) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss).

(d)     Performance Share Units (“PSUs”)

Under the terms of the Company’s Performance Share Unit Plan (the “PSU Plan”), officers, employees and consultants of the Company may be granted PSUs that are released as Common Shares or are paid in cash to the participant equal to the market price of Common Shares on the entitlement date multiplied by the number of performance share units being settled. In each case upon the 3-year cliff vesting date the performance shares units are subject to performance conditions multiplied by the achieved performance ratio. If the performance criteria are not
12

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



met at the time of vesting the PSU will expire. The PSUs are amortized on a straight line basis over the three year period and expire after three years.

A summary of the PSUs outstanding is as follows:

PSUs
#
Balance, March 31, 20251,164,474 
Granted(1)
803,003 
Vested(5,455)
Cancelled(8,634)
Balance, June 30, 20251,953,388 
(1)Includes PSUs issued under cash settlement plan Note 7(e).

During the three months ended June 30, 2025, a total PSU expense of $0.5 million (three months ended June 30, 2024 – $0.7 million) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss).

PSUs granted during the respective periods highlighted below were fair valued based on the following weighted average assumptions:
Three months ended June 30,
20252024
Risk-free annual interest rate (1)
2.58%3.75%
Dividend yield—%—%
Expected stock price volatility (2)
74.99%90.65%
Expected stock price volatility of peer group (2)
83.40%91.51%
Expected life of options (years) (3)
3.003.00
Forfeiture rate16.61%15.14%
Equity correlation against peer group (4)
37.63%39.14%
(1)The risk-free rate is based on Canada government bonds with a remaining term equal to the expected life of the PSUs.
(2)Volatility was estimated by using the 20-day VWAP historical volatility of the Company and the peer group of companies.
(3)The expected life in years represents the period of time that the PSUs granted are expected to be outstanding.
(4)The equity correlation is estimated by using 1-year historical equity correlations for the Company and the peer group of companies.

The weighted average fair value of PSUs granted during the three months ended June 30, 2025 was $7.32 per unit (three months ended June 30, 2024 – $9.63 per unit).

(e) Cash Settled DSUs and PSUs

During the three months ended June 30, 2025, the Company issued DSU’s and PSU’s, which will be settled in cash, pursuant to the DSU Plan and PSU Plan, respectively. The DSUs and PSUs issued under these plans are included in the continuities above.

The DSUs subject to cash settlement are classified as a derivative liability in the interim condensed consolidated statements of financial position and are initially measured at fair value. DSUs are issued in recognition of past service for Directors and are expensed immediately at fair value to share-based compensation expense in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). The DSUs are remeasured each reporting period with the difference recorded to share-based compensation expense. Upon settlement, the DSU’s are re-measured and the derivative liability is extinguished at the remeasured amount. As at June 30, 2025, the related derivative liability was $2.1 million (March 31, 2025 – $2.0 million).

The PSUs subject to cash settlement are classified as a derivative liability in the interim condensed consolidated statements of financial position. They are initially measured at fair value using a Monte Carlo simulation model. The PSUs have a service requirement of three years and are amortized ratably over that period. The PSUs are re-measured at fair value each reporting period with the change in value reflected in share-based compensation expense. As at June 30, 2025, the related derivative liability was $2.7 million (March 31, 2025 – $2.4 million).

13

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 8 Income (loss) Per Share

The following is a reconciliation of basic income (loss) per share:
Three months ended June 30,
20252024
Net income (loss) from continuing operations attributable to Aurora shareholders($14,725)$4,822 
Net Income (loss) from discontinued operations attributable to Aurora shareholders
($484)$304 
Net Income (loss) attributable to Aurora shareholders
($15,209)$5,126 
Weighted average number of Common Shares outstanding56,243,178 51,721,790 
Basic Income (loss) per share, continuing operations
($0.26)$0.09 
Basic income (loss) per share, discontinued operations($0.01)$0.01 
Basic Income (loss) per share
($0.27)$0.10 
The following is a reconciliation of diluted income (loss) per share:

Three months ended June 30,
2025
2024
Net income (loss) from continuing operations attributable to Aurora shareholders($14,725)$4,822 
Net Income (loss) from discontinued operations attributable to Aurora shareholders
($484)$304 
Net Income (loss) attributable to Aurora shareholders
($15,209)$5,126 
Weighted average number of Common Shares outstanding56,243,178 51,721,790 
Dilutive shares outstanding
   RSUs— 133,432 
   PSUs— 8,615 
   DSUs— 71,398 
— 213,445 
Weighted average dilutive Common Shares56,243,178 51,935,235 
Diluted income (loss) per share, continuing operations(1)
($0.26)$0.09 
Diluted income (loss) per share, discontinued operations(1)
($0.01)$0.01 
Diluted income (loss) per share
($0.27)$0.10 
(1)Diluted earnings per share is not applicable when the impact will decrease loss per share or increase earnings per share.


14

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 9    Supplemental Cash Flow Information

The changes in non-cash working capital are as follows:
Three months ended June 30,
2025
2024
Accounts receivable3,333 17,822 
Biological assets279 (4,451)
Inventory2,659 7,006 
Prepaid and other current assets(309)(44)
Accounts payable and accrued liabilities6,709 (8,640)
Income taxes payable(709)494 
Deferred revenue615 165 
Deferred taxes(27)— 
Provisions(5)188 
Changes in non-cash working capital12,545 12,540 

Additional supplementary cash flow information is as follows:
Three months ended June 30,
20252024
$$
Property, plant and equipment in accounts payable
531 — 
Right-of-use asset additions— 6,048 
Amortization of prepaids4,870 3,039 
Interest paid 1,605 1,187 
Interest received
(1,320)(2,501)
Included in restricted cash as of June 30, 2025 is $3.4 million (March 31, 2025 – $3.4 million) attributed to collateral held for letters of credit and corporate credit cards, $0.1 million (March 31, 2025 – $0.1 million) attributed to international subsidiaries and $42.4 million (March 31, 2025 – $43.9 million) of funds reserved for the segregated cell program for insurance coverage and not held for the purpose of meeting short term cash commitments.

15

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 10    Revenue

The Company generates revenue from the transfer of goods at a point-in-time from the revenue streams below. Net revenue from sale of goods reflects the net of actual returns and estimated variable consideration for future returns and price adjustments. The estimated variable consideration is based on historical experience and management’s expectation of future returns and price adjustments.

Three months ended June 30, 2025MedicalConsumer
Wholesale bulk cannabis
Total cannabis
Plant propagationTotal
$$$$$$
Canada27,674 7,875 1,433 36,982 3,230 40,212 
Australia and New Zealand
12,144 — — 12,144 — 12,144 
Europe24,950 — — 24,950 — 24,950 
U.S.— — — — 20,717 20,717 
Total net revenue64,768 7,875 1,433 74,076 23,947 98,023 
Three months ended June 30, 2024MedicalConsumer
Wholesale bulk cannabis
Total cannabis
Plant propagationTotal
$$$$$$
Canada27,117 11,533 1,620 40,270 2,615 42,885 
Australia and New Zealand
9,349 — — 9,349 — 9,349 
Europe10,735 — — 10,735 — 10,735 
U.S.— — — — 20,466 20,466 
Total net revenue47,201 11,533 1,620 60,354 23,081 83,435 
16

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 11    Segmented Information

Operating SegmentsCannabis
Plant propagation
Corporate
Total
$$$$
Three months ended June 30, 2025
Gross revenue80,508 23,947 — 104,455 
Excise tax(6,432)— — (6,432)
Net revenue74,076 23,947 — 98,023 
Cost of sales35,227 26,828 — 62,055 
Gross profit (loss) before fair value adjustments38,849 (2,881)— 35,968 
General and administration19,344 1,756 7,528 28,628 
Sales and marketing14,455 — — 14,455 
Three months ended June 30, 2024
Gross revenue68,956 23,081 — 92,037 
Excise tax(8,602)— — (8,602)
Net revenue60,354 23,081 — 83,435 
Cost of sales (Note 2(c))
35,300 19,639 — 54,939 
Gross profit before fair value adjustments25,054 3,442 — 28,496 
General and administration (Note 2(c))
18,753 897 3,103 22,753 
Sales and marketing14,010 14 — 14,024 


Geographical SegmentsCanadaEUAustraliaTotal
$$$$
Non-current assets other than financial instruments
June 30, 2025292,629 30,514 40,360 363,503 
March 31, 2025294,204 29,751 40,908 364,863 
Three months ended June 30, 2025
Net revenue60,929 24,950 12,144 98,023 
Gross profit before fair value adjustments13,371 15,799 6,798 35,968 
Three months ended June 30, 2024
Net revenue63,351 10,735 9,349 83,435 
Gross profit before fair value adjustments15,212 7,166 6,118 28,496 

Included in net revenue for the three months ended June 30, 2025 are net revenues of approximately $18.9 million from one customer (three months ended June 30, 2024 – $18.9 million from one customer) in the Plant Propagation segment, contributing 10 per cent or more to the Company’s net revenue.




17

AURORA CANNABIS INC.
Notes to the Interim Condensed Consolidated Financial Statements
Three months ended June 30, 2025 and 2024
($ thousands of Canadian dollars, unless otherwise noted)



Note 12    Fair Value of Financial Instruments
The carrying values of the financial instruments as at June 30, 2025 are summarized in the following table:
Amortized costFVTPLTotal
$$$
Financial Assets
Cash and cash equivalents
140,160 — 140,160 
Restricted cash
45,873 — 45,873 
Accounts receivable, excluding sales taxes and lease receivable33,806 — 33,806 
Lease receivable6,440 — 6,440 
Financial Liabilities
Accounts payable and accrued liabilities
81,288 — 81,288 
 Lease liabilities41,788 — 41,788 
 Derivative liabilities— 4,838 4,838 
 Other long term liabilities499 — 499 
 Loans and borrowings59,841 — 59,841 
The following is a summary of financial instruments measured at fair value segregated based on the various levels of inputs:
NotesLevel 1Level 2Level 3Total
$$$$
As at June 30, 2025
Other long term liability499 — 48,716 49,215 
Derivative liabilities
6(c), 7(e)
2,152 2,686 — 4,838 
As at March 31, 2025
Other long term liability498 — 47,597 48,095 
Derivative liabilities6(c), 7(e)3,111 2,420 — 5,531 

There were no changes in the nature, characteristics and risks of financial instruments that would result in a change in classification of financial assets and financial liabilities disclosed above. There were no transfers between fair value measurement hierarchy levels during the three months ended June 30, 2025.
Other long-term liability includes the put option arising from the acquisition of Bevo. The put option is valued using a Monte Carlo simulation model. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. As at June 30, 2025, the present value of the amount payable on exercise of the put option was $48.7 million (March 31, 2025 – $47.6 million) which is recorded in other long-term liability in the interim condensed consolidated statements of financial position. The change during the three months ended June 30, 2025 of $1.1 million (three months ended June 30, 2024 – $4.8 million) is recorded in deficit in the interim condensed consolidated statements of changes in equity.

18