Canopy Growth Corporation reported fiscal third‑quarter 2026 revenue of C$74.5 million, a 47% beat over the consensus estimate of roughly C$50.6 million. The figure matches the company’s own guidance and represents a 4% year‑over‑year increase in cannabis net revenue, driven by stronger demand in Canada’s adult‑use and medical segments.
The company posted a net loss of C$0.18 per share, missing the consensus estimate of C$‑0.04 by 0.14 CAD. The miss reflects higher operating costs and a one‑time restructuring charge, offsetting the benefit of a 49% reduction in loss compared with the same quarter a year earlier. The adjusted EBITDA loss narrowed 17% year‑over‑year to C$3.2 million, indicating improved cost discipline despite margin compression.
Canadian adult‑use revenue rose 8% to C$23 million, while Canadian medical cannabis revenue grew 15% to the same amount. International cannabis revenue fell 31% to C$12 million, largely due to supply‑chain disruptions in Europe. Storz & Bickel generated C$23 million in net revenue, up 45% sequentially, driven by seasonal demand and a new product launch. Gross margin contracted to 29% from 32% year‑over‑year, reflecting lower margins in both cannabis and Storz & Bickel segments.
Management highlighted that the company’s cost‑control program has begun to pay off, with operating expenses falling 12% year‑over‑year. The company remains on track to achieve positive adjusted EBITDA in fiscal 2027, a target that signals confidence in its leaner operating model. The acquisition of MTL Cannabis is expected to broaden the company’s product portfolio and enhance scale in key markets.
CEO Luc Mongeau said the quarter “reflects improving fundamentals and a more focused, integrated operating model across the business, led by strength in Canada.” CFO Tom Stewart added that the “decisive cost‑reduction actions” have strengthened the company’s financial position and will position it for positive adjusted EBITDA in 2027.”
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