Canopy Growth Reports First Quarter Fiscal 2026 Financial Results; Cannabis Revenue Increased 24% Year-Over-Year
Canada adult-use cannabis Q1 FY2026 net revenue increased
Company has achieved
Supply chain improvements in international markets expected to increase cannabis supply and consistency in margin accretive European markets in the second half of FY2026
Company expects to launch a new Storz & Bickel vaporizer during the second half of the calendar year
"We delivered strong top line growth in the first quarter of fiscal 2026, led by momentum in our
Luc Mongeau, Chief Executive Officer
“Our financial discipline has already delivered meaningful operating expense reductions, and we see further opportunity to simplify and focus the business. Improving gross margin remains a key priority while maintaining topline performance in all areas of the business. These actions are critical to strengthening our financial position through the remainder of fiscal 2026 and ultimately achieving Adjusted EBITDA profitability.”
Tom Stewart, Interim Chief Financial Officer
First Quarter Fiscal 2026 Financial Summary
(in thousands of Canadian
|
Net Revenue |
Gross margin
|
Net loss from
|
Adjusted
|
Free cash
|
Reported |
|
|
|
|
|
vs. Q1 FY2025 |
|
(1,000) bps |
|
( |
|
First Quarter Fiscal 2026 Financial Highlights
As of the three months ended June 30, 2025, the Company began reporting its financial results for the following two reportable segments: (i) Cannabis - includes the global production, distribution and sale of a diverse range of cannabis and cannabis-related products; and (ii) Storz & Bickel - includes the production, distribution and sale of vaporizers and accessories.
-
Consolidated net revenue in Q1 FY2026 increased
9% compared to the first quarter ended June 30, 2024 (“Q1 FY2025”) due to increasedCanada adult-use cannabis,Canada medical cannabis and international markets cannabis net revenue offset by lower Storz & Bickel net revenue.
-
Consolidated gross margin decreased to
25% in Q1 FY2026, compared to35% in Q1 FY2025. This decrease was primarily driven by lower Storz & Bickel sales, lower cannabis sales in the high-marginPoland market and a shift in product mix inCanada due to increased consumer demand for manufactured adult-use cannabis products.
-
Operating loss from continuing operations was
$23M M in Q1 FY2026, representing an improvement of21% compared to Q1 FY2025. The improvement was driven primarily by a reduction in operating expenses.
-
Adjusted EBITDA loss of
$8M M in Q1 FY2026, compared to$5M M in Q1 FY2025, driven primarily by lower consolidated gross margins offset partially by lower selling, general and administrative ("SG&A") expenses.
-
Free cash flow was an outflow of
$12M M in Q1 FY2026, representing a decrease of79% in outflow compared to Q1 FY2025, primarily driven by lower SG&A expenses, lower working capital use, and the timing of interest payments.
-
Cash and short-term investments increased to
$144M M at June 30, 2025, from$131M M at March 31, 2025.
Cannabis Highlights
-
Canada adult-use cannabis net revenue in Q1 FY2026 was$27M M, representing an increase of43% compared to Q1 FY2025 driven primarily by increased distribution and strong consumer demand for flower and manufactured cannabis products including infused pre-rolled joint ("PRJ") offerings.
-
Total Claybourne infused PRJ sales increased
58% sequentially in Q1 FY2026 compared to Q4 FY20253. Maintained #2 category market share in the infused PRJ category inAlberta , #3 inOntario , and #3 nationally3.
-
The Company is focused on maintaining commercial momentum in its adult-use cannabis business, with a focus on expanding retail distribution and executing against high-demand product segments through the remainder of fiscal year 2026 ("FY2026").
-
Canada medical cannabis net revenue in Q1 FY2026 increased13% compared to Q1 FY2025 driven by an increase in the number of insured customers, increased order sizes from our insured customers, and a larger assortment of cannabis products available on the Spectrum online store.
-
International markets cannabis net revenue was
$9M M in Q1 FY2026, representing an increase of4% over Q1 FY2025, primarily attributable to increased shipments of flower products intoEurope , which was offset by a decline in the Company's Australian medical cannabis business.
-
Supply chain improvements in international markets are expected to increase cannabis supply and consistency in margin accretive European markets in the second half of FY2026.
-
Cannabis gross margins decreased to
24% in Q1 FY2026 compared to33% in Q1 FY2025. This decrease was primarily attributable to a shift inCanada of the adult-use cannabis consumers to higher cost manufactured products like infused PRJs and lower sales inPoland which historically has high margins.
-
The Company has a number of actions underway that are expected to improve cannabis gross margins in the second half of FY2026, including the deployment of automation technology and increased PRJ production capacity and the continued pursuit of margin accretive bulk cannabis sales in
Canada andEurope .
Storz & Bickel Highlights
-
Storz & Bickel delivered net revenue in Q1 FY2026 of
$15M M, representing a decrease of25% compared to Q1 FY2025, primarily attributable to lapping strong sales in the prior year and consumer economic uncertainty.
-
Lower sales and an unfavourable shift in geographic mix resulted in a reduction to gross margin, which decreased to
29% in Q1 FY2026 compared to39% in Q1 FY2025. Storz & Bickel has implemented several cost efficiency measures, including bringing additional manufacturing capabilities in-house and headcount reductions, which are expected to reduce cost of goods sold and SG&A expenses over the coming quarters.
- Storz & Bickel is preparing to launch a new vaporizer in the second half of calendar year 2025. The Company believes the new device will generate strong consumer interest.
First Quarter Fiscal 2026 Revenue Review4
(in millions of Canadian dollars, unaudited) |
|
Q1 FY2026 |
Q1 FY2025 |
Vs. Q1 FY2025 |
Cannabis |
|
|
|
|
Canadian adult-use cannabis5 |
|
|
|
|
Canadian medical cannabis6 |
|
|
|
|
International markets cannabis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Storz & Bickel |
|
|
|
( |
|
|
|
|
|
Net revenue |
|
|
|
|
The Q1 FY2026 and Q1 FY2025 financial results presented in this press release have been prepared in accordance with |
||||
Appointment of Shan Atkins to Board of Directors
The Company also announced the appointment of Margaret Shan Atkins to its Board of Directors, effective August 6, 2025. Ms. Atkins brings extensive experience in retail strategy and operations, consumer goods, wholesale distribution, cybersecurity oversight, accounting and finance, and private investment in both the
Ms. Atkins is a former partner in the consumer and retail practice of international consultancy Bain & Company where she developed and executed strategic plans for major retail organizations. She also served as a C-suite executive at a Fortune 15 public retailer, where she led a multi-billion-dollar business unit.
She presently serves on the boards of two
____________________ |
1 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures" and Schedule 4 for a reconciliation of net loss from continuing operations to adjusted EBITDA. |
2 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures" and Schedule 5 for a reconciliation of net cash used in operating activities - continuing operations to free cash flow - continuing operations. |
3 Calculated using the Company's internal proprietary market analysis tool that applies sales data supplied by third-party providers and government agencies (last 13 weeks ended June 29, 2025). |
4 In Q1 FY2026, we are reporting our financial results for the following two reportable segments: (i) Cannabis; and (ii) Storz & Bickel. |
5 For Q1 FY2026, amount is net of excise taxes of |
6 For Q1 FY2026, amount is net of excise taxes of |
Webcast and Conference Call Information
The Company will host a conference call and audio webcast with Luc Mongeau, CEO and Tom Stewart, Interim CFO at 10:00 AM Eastern Time on August 8, 2025.
Webcast Information
A live audio webcast will be available at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=8135284A-F8CD-45B7-A384-634DE6714986
Replay Information
A replay will be accessible by webcast until 11:59 PM ET on November 6, 2025 at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=8135284A-F8CD-45B7-A384-634DE6714986
Non-GAAP Measures
Adjusted EBITDA is a non-GAAP measure used by management that is not defined by
Free cash flow is a non-GAAP measure used by management that is not defined by
About Canopy Growth
Canopy Growth is a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives.
Through an unwavering commitment to consumers, Canopy Growth delivers innovative products from owned and licensed brands including Tweed, 7ACRES, DOJA, Deep Space, and Claybourne, as well as category defining vaporization devices by Storz & Bickel. In addition, Canopy Growth serves medical cannabis patients globally with principal operations in
Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the
At Canopy Growth, we’re shaping a future where cannabis is embraced for its potential to enhance well-being and improve lives. With high-quality products, a commitment to responsible use, and a focus on enhancing the communities where we live and work, we’re paving the way for a better understanding of all that cannabis can offer.
For more information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. To the extent any forward-looking statements in this press release constitutes “financial outlooks” within the meaning of applicable Canadian securities laws, the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as “intend,” “goal,” “strategy,” “estimate,” “expect,” “project,” “projections,” “forecasts,” “plans,” “seeks,” “anticipates,” “potential,” “proposed,” “will,” “should,” “could,” “would,” “may,” “likely,” “designed to,” “foreseeable future,” “believe,” “scheduled” and other similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.
Forward-looking statements include, but are not limited to, statements with respect to:
-
laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of
U.S. state and federal law to cannabis and hemp (including CBD) products and the scope of any regulations by theU.S. Food and Drug Administration, theU.S. Drug Enforcement Administration, theU.S. Federal Trade Commission, theU.S. Patent and Trademark Office, theU.S. Department of Agriculture and any state equivalent regulatory agencies over cannabis and hemp (including CBD) products;
-
expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
-
our ability to refinance debt as and when required on terms favorable to us and comply with covenants contained in our debt facilities and debt instruments;
-
the impacts of the Company’s strategy to accelerate entry into the
U.S. cannabis market through the creation of CanopyUSA ;
-
expectations for Canopy
USA to capitalize on the opportunity for growth inthe United States cannabis sector and the anticipated benefits of such strategy;
-
the timing and occurrence of the final tranche closing in connection with the acquisition of Jetty pursuant to the exercise of the option to acquire Jetty;
-
the issuance of additional common shares of the Company (each whole share, a “Canopy Share” or a “Share”) to satisfy any deferred and/or option exercise payments to the shareholders of Wana and Jetty and the issuance of additional non-voting and non-participating shares in the capital of Canopy
USA issuable to Canopy Growth from CanopyUSA in consideration thereof;
-
the acquisition of additional Class A shares of Canopy
USA in connection with the investment in CanopyUSA by the Huneeus 2017 Irrevocable Trust (the “Trust”) in the aggregate amount of up toUS , including any warrants of Canopy$20 million USA issued to the Trust in accordance with the share purchase agreement entered into by the Trust and CanopyUSA ;
-
the timing and occurrence of certain prepayments of the Company’s credit facility in connection with the agreement dated July 29, 2025 between the Company and certain lenders under such credit facility;
-
expectations regarding the potential success of, and the costs and benefits associated with, our acquisitions, equity investments and dispositions;
-
the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof;
-
our international activities, including required regulatory approvals and licensing, anticipated costs and timing, and expected impact;
-
our ability to successfully create and launch brands and further create, launch and scale products in jurisdictions where such products are legal and that we currently operate in;
-
the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids;
-
our ability to continue as a going concern;
-
our ability to maintain effective internal control over financial reporting;
-
expectations regarding the use of proceeds of equity financings;
-
the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of
Canada , the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized;
-
our ability to execute on our strategy and the anticipated benefits of such strategy;
-
the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in
Canada , including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets;
-
the ongoing impact of developing provincial, state, territorial and municipal regulations pertaining to the sale and distribution of cannabis, the related timing and impact thereof, as well as the restrictions on federally regulated cannabis producers participating in certain retail markets and our intentions to participate in such markets to the extent permissible;
-
the timing and nature of legislative changes in the
U.S. regarding the regulation of cannabis including tetrahydrocannabinol;
-
the future performance of our business and operations;
-
our competitive advantages and business strategies;
-
the competitive conditions of the industry;
-
the expected growth in the number of customers using our products;
-
expectations regarding revenues, expenses and anticipated cash needs;
-
expectations regarding cash flow, liquidity and sources of funding;
-
expectations regarding capital expenditures;
-
the expansion of our production and manufacturing, the costs and timing associated therewith and the receipt of applicable production and sale licenses;
-
expectations with respect to our growing, production and supply chain capacities;
-
expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations;
-
expectations with respect to future production costs;
-
expectations with respect to future sales and distribution channels and networks;
-
the expected methods to be used to distribute and sell our products;
-
our future product offerings;
-
the anticipated future gross margins of our operations;
-
accounting standards and estimates;
-
expectations regarding our distribution network;
-
expectations regarding the costs and benefits associated with our contracts and agreements with third parties, including under our third-party supply and manufacturing agreements;
-
our ability to comply with the listing requirements of the Nasdaq Stock Market LLC and the Toronto Stock Exchange; and
- expectations on price changes for products in cannabis markets.
Certain of the forward-looking statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.
The forward-looking statements contained herein are based upon certain material assumptions, including: (i) management’s perceptions of historical trends, current conditions and expected future developments; (ii) our ability to generate cash flow from operations; (iii) general economic, financial market, regulatory and political conditions in which we operate; (iv) the production and manufacturing capabilities and output from our facilities, strategic alliances and equity investments; (v) consumer interest in our products; (vi) competition; (vii) anticipated and unanticipated costs; (viii) government regulation of our activities and products including but not limited to the areas of taxation and environmental protection; (ix) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; (x) our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (xi) our ability to conduct operations in a safe, efficient and effective manner; (xii) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our recent acquisitions into our existing operations; and (xiii) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. Financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management’s current expectations.
By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, our limited operating history; our ability to continue as a going concern; risks that we may be required to write down intangible assets, including goodwill, due to impairment; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); our ability to maintain an effective system of internal control; the diversion of management time on matters related to Canopy
Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
Schedule 1 |
||||||||
CANOPY GROWTH CORPORATION
|
||||||||
|
|
June 30,
|
|
|
March 31,
|
|
||
ASSETS |
|
|||||||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
126,202 |
|
|
$ |
113,811 |
|
Short-term investments |
|
|
17,427 |
|
|
|
17,656 |
|
Restricted short-term investments |
|
|
5,828 |
|
|
|
6,410 |
|
Amounts receivable, net |
|
|
50,033 |
|
|
|
52,780 |
|
Inventory |
|
|
93,821 |
|
|
|
96,373 |
|
Prepaid expenses and other assets |
|
|
10,048 |
|
|
|
7,544 |
|
Total current assets |
|
|
303,359 |
|
|
|
294,574 |
|
Other investments |
|
|
161,900 |
|
|
|
179,977 |
|
Property, plant and equipment |
|
|
291,274 |
|
|
|
293,523 |
|
Intangible assets |
|
|
84,330 |
|
|
|
87,200 |
|
Goodwill |
|
|
47,377 |
|
|
|
46,042 |
|
Other assets |
|
|
16,431 |
|
|
|
16,385 |
|
Total assets |
|
$ |
904,671 |
|
|
$ |
917,701 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|||||||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
24,078 |
|
|
$ |
26,099 |
|
Other accrued expenses and liabilities |
|
|
46,535 |
|
|
|
38,613 |
|
Current portion of long-term debt |
|
|
6,306 |
|
|
|
4,258 |
|
Other liabilities |
|
|
21,750 |
|
|
|
25,434 |
|
Total current liabilities |
|
|
98,669 |
|
|
|
94,404 |
|
Long-term debt |
|
|
288,997 |
|
|
|
299,811 |
|
Other liabilities |
|
|
28,029 |
|
|
|
36,273 |
|
Total liabilities |
|
|
415,695 |
|
|
|
430,488 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Canopy Growth Corporation shareholders' equity: |
|
|
|
|
|
|
||
Share capital |
|
|
|
|
|
|
|
|
Common shares - $nil par value; Authorized - unlimited; Issued and outstanding - 205,147,235 shares and 183,865,295 shares, respectively. |
||||||||
Exchangeable shares - $nil par value; Authorized - unlimited; Issued and outstanding - 26,261,474 shares and 26,261,474 shares, respectively. |
||||||||
8,836,531 |
8,796,406 |
|||||||
Additional paid-in capital |
|
|
2,614,869 |
|
|
|
2,618,417 |
|
Accumulated other comprehensive loss |
|
|
7,248 |
|
|
|
535 |
|
Deficit |
|
|
(10,969,672 |
) |
|
|
(10,928,145 |
) |
Total shareholders' equity |
|
|
488,976 |
|
|
|
487,213 |
|
Total liabilities and shareholders' equity |
|
$ |
904,671 |
|
|
$ |
917,701 |
|
Schedule 2 |
||||||||
CANOPY GROWTH CORPORATION
|
|
|||||||
|
|
|
|
|
|
|
||
|
|
Three months ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Revenue |
|
$ |
88,748 |
|
|
$ |
75,783 |
|
Excise taxes |
|
|
16,614 |
|
|
|
9,571 |
|
Net revenue |
|
|
72,134 |
|
|
|
66,212 |
|
Cost of goods sold |
|
|
54,096 |
|
|
|
43,181 |
|
Gross margin |
|
|
18,038 |
|
|
|
23,031 |
|
Operating expenses |
|
|
|
|
|
|
||
Selling, general and administrative expenses |
|
|
38,108 |
|
|
|
47,968 |
|
Share-based compensation |
|
|
(99 |
) |
|
|
4,151 |
|
Loss on asset impairment and restructuring |
|
|
2,653 |
|
|
|
20 |
|
Total operating expenses |
|
|
40,662 |
|
|
|
52,139 |
|
Operating loss from continuing operations |
|
|
(22,624 |
) |
|
|
(29,108 |
) |
Other income (expense), net |
|
|
(18,612 |
) |
|
|
(93,889 |
) |
Loss from continuing operations before income taxes |
|
|
(41,236 |
) |
|
|
(122,997 |
) |
Income tax expense |
|
|
(291 |
) |
|
|
(6,194 |
) |
Net loss from continuing operations |
|
|
(41,527 |
) |
|
|
(129,191 |
) |
Discontinued operations, net of income tax |
|
|
- |
|
|
|
2,053 |
|
Net loss attributable to Canopy Growth Corporation |
|
$ |
(41,527 |
) |
|
$ |
(127,138 |
) |
|
|
|
|
|
|
|
||
Basic and diluted loss per share |
|
|
|
|
|
|
||
Continuing operations |
|
$ |
(0.22 |
) |
|
$ |
(1.63 |
) |
Discontinued operations |
|
|
- |
|
|
|
0.03 |
|
Basic and diluted loss per share |
|
$ |
(0.22 |
) |
|
$ |
(1.60 |
) |
Basic and diluted weighted average common shares outstanding |
|
|
188,321,555 |
|
|
|
79,243,020 |
|
Schedule 3 |
||||||||
CANOPY GROWTH CORPORATION
|
|
|||||||
|
|
|
|
|
|
|
||
|
|
Three months ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(41,527 |
) |
|
$ |
(127,138 |
) |
Gain from discontinued operations, net of income tax |
|
|
- |
|
|
|
2,053 |
|
Net loss from continuing operations |
|
|
(41,527 |
) |
|
|
(129,191 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation of property, plant and equipment |
|
|
4,753 |
|
|
|
5,682 |
|
Amortization of intangible assets |
|
|
4,917 |
|
|
|
5,348 |
|
Share-based compensation |
|
|
(99 |
) |
|
|
4,151 |
|
Loss on asset impairment and restructuring |
|
|
109 |
|
|
|
86 |
|
Income tax expense |
|
|
291 |
|
|
|
6,194 |
|
Non-cash fair value adjustments and charges related to settlement of long-term debt |
|
|
10,049 |
|
|
|
79,793 |
|
Change in operating assets and liabilities, net of effects from purchases of businesses: |
|
|
|
|
|
|
||
Amounts receivable |
|
|
2,915 |
|
|
|
668 |
|
Inventory |
|
|
2,838 |
|
|
|
(7,008 |
) |
Prepaid expenses and other assets |
|
|
(2,668 |
) |
|
|
(185 |
) |
Accounts payable and accrued liabilities |
|
|
5,184 |
|
|
|
(5,911 |
) |
Other, including non-cash foreign currency |
|
|
2,901 |
|
|
|
(11,407 |
) |
Net cash used in operating activities |
|
|
(10,337 |
) |
|
|
(51,780 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of and deposits on property, plant and equipment |
|
|
(1,306 |
) |
|
|
(3,920 |
) |
Purchases of intangible assets |
|
|
(183 |
) |
|
|
(14 |
) |
Proceeds on sale of property, plant and equipment |
|
|
5 |
|
|
|
4,926 |
|
Redemption of short-term investments |
|
|
779 |
|
|
|
30,022 |
|
Net cash outflow on sale or deconsolidation of subsidiaries |
|
|
- |
|
|
|
(6,968 |
) |
Net cash inflow on loan receivable |
|
|
- |
|
|
|
28,103 |
|
Investment in other financial assets |
|
|
- |
|
|
|
(95,335 |
) |
Net cash used in investing activities - continuing operations |
|
|
(705 |
) |
|
|
(43,186 |
) |
Net cash provided by investing activities - discontinued operations |
|
|
- |
|
|
|
10,157 |
|
Net cash used in investing activities |
|
|
(705 |
) |
|
|
(33,029 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from issuance of common shares and warrants |
|
|
38,261 |
|
|
|
53,854 |
|
Issuance of long-term debt and convertible debentures |
|
|
- |
|
|
|
68,255 |
|
Repayment of long-term debt |
|
|
(916 |
) |
|
|
(11,836 |
) |
Other financing activities |
|
|
(11,885 |
) |
|
|
(4,498 |
) |
Net cash provided by financing activities |
|
|
25,460 |
|
|
|
105,775 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(2,027 |
) |
|
|
890 |
|
Net increase in cash and cash equivalents |
|
|
12,391 |
|
|
|
21,856 |
|
Cash and cash equivalents, beginning of period |
|
|
113,811 |
|
|
|
170,300 |
|
Cash and cash equivalents, end of period |
|
$ |
126,202 |
|
|
$ |
192,156 |
|
|
|
|||||||
Schedule 4 |
||||||||
Adjusted EBITDA1 Reconciliation (Non-GAAP Measure) |
|
|
|
|
|
|
||
|
|
Three months ended June 30, |
|
|||||
(in thousands of Canadian dollars, unaudited) |
|
2025 |
|
|
2024 |
|
||
Net loss from continuing operations |
|
$ |
(41,527 |
) |
|
$ |
(129,191 |
) |
Income tax expense |
|
|
291 |
|
|
|
6,194 |
|
Other (income) expense, net |
|
|
18,612 |
|
|
|
93,889 |
|
Share-based compensation |
|
|
(99 |
) |
|
|
4,151 |
|
Acquisition, divestiture, and other costs |
|
|
2,484 |
|
|
|
8,627 |
|
Depreciation and amortization |
|
|
9,670 |
|
|
|
11,030 |
|
Loss on asset impairment and restructuring |
|
|
2,653 |
|
|
|
20 |
|
Adjusted EBITDA1 |
|
$ |
(7,916 |
) |
|
$ |
(5,280 |
) |
1Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". |
|
|||||||
Schedule 5 |
||||||||
Free Cash Flow1 Reconciliation (Non-GAAP Measure) |
|
|
|
|
|
|
||
|
|
Three months ended June 30, |
|
|||||
(in thousands of Canadian dollars, unaudited) |
|
2025 |
|
|
2024 |
|
||
Net cash used in operating activities - continuing operations |
|
$ |
(10,337 |
) |
|
$ |
(51,780 |
) |
Purchases of and deposits on property, plant and equipment - continuing operations |
|
|
(1,306 |
) |
|
|
(3,920 |
) |
Free cash flow1 - continuing operations |
|
$ |
(11,643 |
) |
|
$ |
(55,700 |
) |
1Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". |
|
|||||||
Schedule 6 |
||||||||
Segmented Gross Margin |
|
|||||||
|
|
Three months ended June 30, |
|
|||||
(in thousands of Canadian dollars except where indicated; unaudited) |
2025 |
|
|
2024 |
|
|||
Cannabis segment |
|
|
|
|
|
|
||
Net revenue |
|
$ |
56,982 |
|
|
$ |
46,093 |
|
Gross margin, as reported |
|
|
13,591 |
|
|
|
15,271 |
|
Gross margin percentage, as reported |
|
|
24 |
% |
|
|
33 |
% |
|
|
|
|
|
|
|
||
Storz & Bickel segment |
|
|
|
|
|
|
||
Revenue |
|
$ |
15,152 |
|
|
$ |
20,119 |
|
Gross margin, as reported |
|
|
4,447 |
|
|
|
7,760 |
|
Gross margin percentage, as reported |
|
|
29 |
% |
|
|
39 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250808830468/en/
Alex Thomas
Director, Communications
media@canopygrowth.com
Tyler Burns
Director, Investor Relations
tyler.burns@canopygrowth.com
Source: Canopy Growth Corporation
