Canopy Growth reports stronger cannabis revenue and cleaner balance sheet, but wider-than-expected loss pressures results.
Stock Earnings Results
June 15, 2026
Table of Contents
June 12, 2026
Canopy Growth Corporation (NASDAQ: CGC) reported fiscal fourth-quarter and full-year 2026 results with stronger cannabis revenue, growth in Canada medical and international markets, and a cleaner balance sheet, but earnings missed expectations.
Canopy Growth is a cannabis company focused on medical cannabis, adult-use cannabis, international markets, and vaporizer products through Storz & Bickel.
The company reported a loss of $0.17 per share, wider than estimates for a loss of $0.06. Revenue came in at $61.74 million, above estimates of $53.26 million, with revenue growth of 13.7%.
Canopy reported consolidated net revenue of C$71.2 million in the fourth quarter, up 10% from the prior-year period. Cannabis net revenue increased 20% to C$54.5 million.
Canada medical cannabis revenue rose 27% to C$25.3 million, driven by growth in insured patients and a broader product assortment. International cannabis revenue increased 68% to C$8.6 million as the company addressed supply chain challenges in Europe.
Canada adult-use cannabis revenue rose 1% to C$20.6 million, supported by vapes and infused pre-rolls. Storz & Bickel revenue declined 14% to C$16.8 million due to tougher comparisons and weaker consumer demand.
Consolidated gross margin declined to 12% from 16%. The company recorded C$10.7 million of inventory charges, mainly tied to a review of cannabis inventory levels after the MTL Cannabis acquisition.
Adjusted gross margin improved to 27% from 19% after excluding inventory write-offs and acquisition-related inventory step-up.
Adjusted EBITDA loss improved to C$6.3 million from a loss of C$9.2 million a year earlier. Full-year adjusted EBITDA loss narrowed to C$20.2 million from C$23.5 million.
Free cash outflow also improved sharply, narrowing to C$69.1 million in fiscal 2026 from C$176.6 million in fiscal 2025.
Canopy expects fiscal 2027 revenue growth across the business and expects to reach positive adjusted EBITDA during the year.
The company said improvement should be more visible in the second half of fiscal 2027 as MTL Cannabis integration continues and cost savings take hold.
Canopy Growth’s quarter showed progress, but the earnings miss kept the story mixed.
Revenue beat expectations, cannabis sales improved, medical cannabis strengthened, and free cash outflow narrowed. The company also ended fiscal 2026 with C$131.3 million of net cash after recapitalizing the balance sheet.
The key issue is execution. Canopy needs to prove that its medical cannabis focus, international expansion, MTL Cannabis acquisition, and cost discipline can turn revenue growth into positive adjusted EBITDA in fiscal 2027.
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