Canopy Growth Revenue Rises 13% as Adjusted EBITDA Loss Narrows 59%

Key Facts

Canopy Growth reported net revenue of C$81.2 million for the first quarter of fiscal 2027 ended June 30, 2026, up 13% year over year from C$72.1 million.

Cannabis net revenue increased 14% to C$65.1 million, while Storz & Bickel revenue rose 6% to C$16.1 million. Growth therefore extended across both reporting segments, although at different rates.

Adjusted gross margin improved to 31% from 25%, while reported gross margin increased to 27% from 25%. The adjusted measure excludes C$2.6 million of acquisition-related inventory step-up charges and is therefore not directly comparable with the reported margin.

The adjusted EBITDA loss, a non-GAAP measure, narrowed 59% to C$3.2 million from C$7.9 million. Net loss declined to C$14.6 million from C$44.9 million, while the operating loss decreased only slightly to C$22.1 million from C$22.6 million.

By business line, Canadian medical cannabis revenue rose 22% to C$25.8 million, adult-use revenue increased 10% to C$29.7 million, and international revenue grew 10% to C$9.6 million. The company attributed part of its Canadian growth to the MTL Cannabis acquisition and international growth to strength in Poland, meaning the consolidated increase was not entirely organic.

Despite the improvement in earnings measures, cash used in operating activities increased to C$25.0 million from C$10.3 million, and free-cash-flow outflow widened to C$25.7 million from C$11.6 million. The figures show that the adjusted EBITDA improvement has not yet translated into lower cash consumption.

CGC closed at $0.9727 on September 4, 2026 after trading between $0.96 and $0.9793 during the session. The next financial test is whether Canopy can sustain revenue and margin growth while reducing cash outflow, rather than relying only on improving adjusted measures.