With its Q3 results for fiscal 2026 on Friday, Canopy Growth (CGC) posted a 49% YoY slump in net loss and a 17% YoY decline in adjusted EBITDA loss as the cannabis company continued to benefit from its ongoing cost-cutting measures.
The Ontario-based Canadian LP recorded C$74.5M in net revenue for the quarter, roughly flat compared to the prior year period, while exceeding the C$70.5M projected by analysts, according to Bloomberg data.
Canopy (CGC) posted C$52M in Cannabis net revenue, indicating ~4% YoY growth, as its net Canada medical cannabis and Canada adult-use cannabis segments each added C$23M to the topline with 15% and 8% YoY growth, respectively.
However, the company’s cannabis net revenue from international markets slipped 31% YoY to C$6.2M, mainly due to supply chain constraints in Europe, while its Storz & Bickel accessories segment brought in C$22.8M, indicating a ~9% YoY decline amid consumer economic uncertainty.
Canopy’s (CGC) Q3 loss per share slumped ~84% to C$0.18, missing the C$0.08 projected by analysts, while its adjusted EBITDA loss dropped ~17% YoY to C$2.9M, trailing the C$1.6M in the consensus, according to Bloomberg data.
Having recorded C$29M in annualized savings since Mar. 1, thanks to cost reduction activities, the company said it remains on track to record positive adjusted EBITDA during fiscal 2027. “The decisive cost reduction actions that we have taken to date in fiscal 2026 have strengthened our current year financial performance and will ensure we are well positioned as we close out the fiscal year,” CEO Luc Mongeau remarked.