Aurora Cannabis

Liquidity is solid with about CAD 154.4 million in cash, restricted cash and short‑term investments as of December 31, 2025; the cannabis business carries no recourse debt, though Bevo has roughly CAD 62 million non‑recourse debt.

The company has also filed a US$100 million ATM facility, which enhances financing flexibility but raises dilution risk. On profitability, adjusted EBITDA is positive and margins are improving, yet TTM free cash flow is still negative and there are material weaknesses in internal controls per the FY2025 audit.

We see low near‑term insolvency risk, but quality investors should demand consistent positive FCF and internal‑control remediation before assigning a stronger score.