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Earnings

Canopy Growth Reports Third Quarter Fiscal 2026 Financial Results

By The Northwire Desk — AI Analysis Feb 06, 2026 · 07:00 WEED · 1.52 CANOPY GROWTH CORPORATION J
WEED · Price

Executive Summary

  • Canopy Growth reported Q3 FY2026 net revenue of C$75 M (flat YoY) with cannabis net revenue up 4% and a 49% reduction in net loss year‑over‑year.
  • Adjusted EBITDA loss narrowed to C$2.9 M (17% improvement YoY); free cash outflow improved to C$19 M from C$28 M.
  • Cash and cash equivalents increased to C$371 M, giving a net cash position of C$146 M; strategic recapitalization completed and MTL Cannabis acquisition expected to close this quarter.

Key Details

  • Financial Highlights
  • Consolidated net revenue: C$75 M (flat YoY).
  • Cannabis net revenue: C$52 M (+4% YoY).
  • Canada medical cannabis net revenue: C$23 M (+15% YoY).
  • Canada adult‑use cannabis net revenue: C$23 M (+8% YoY).
  • International markets cannabis net revenue: C$6.2 M (‑31% YoY), but +22% sequentially from Q2 FY2026.

  • Storz & Bickel net revenue: C$23 M (+45% sequentially).

  • Margin & Expense Metrics

  • Consolidated gross margin: 29% (‑300 bps YoY).
  • Cannabis gross margin: 25% (down from 28%).
  • Storz & Bickel gross margin: 37% (down from 40%).

  • SG&A expenses up 7% YoY; excluding acquisition/divestiture costs, SG&A down 12% YoY.

  • Profitability

  • Net loss: C$62.6 M (‑49% YoY).
  • Adjusted EBITDA loss: C$2.9 M (‑17% YoY).

  • Free cash flow (non‑GAAP): –C$19 M (improved from –C$28 M YoY).

  • Liquidity

  • Cash & cash equivalents: C$371 M (up from C$113.8 M at end‑2025).

  • Net cash position: C$146 M.

  • Strategic Updates

  • MTL Cannabis acquisition on track to close in the current quarter; expected to strengthen global platform.

  • Strategic recapitalization completed Jan 2026, extending all debt maturities to 2031.

  • Operational Highlights

  • Canada adult‑use growth driven by infused pre‑roll joints and new All‑In‑One vapes (Tweed, 7ACRES, Claybourne).
  • International supply chain improvements boosted shipments into Europe in H2 Q3 FY2026.

  • Storz & Bickel’s VEAZY vaporizer became best‑selling device with rapid ramp to 20 k units sold.

  • Conference Call

  • Hosted on Feb 6, 2026 at 10:00 AM ET; webcast available via provided URLs (live and replay until May 7, 2026).

Notable Quotes

“The third quarter of fiscal 2026 reflects improving fundamentals and a more focused, integrated operating model across the business, led by strength in Canada.” – Luc Mongeau, CEO

“Decisive cost‑reduction actions have strengthened our current year financial performance and will ensure we are well positioned as we close out the fiscal year.” – Tom Stewart, CFO

Read the original news release →

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