CGC earnings analysis
What we found in CGC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Canopy Growth reported quarterly revenue of $90,391 (thousands of CAD) for the three months ended December 31, 2025, up from $86,244 in the prior-year quarter, while net loss from continuing operations narrowed to $(62,627) from $(121,896) a year earlier. Cash and cash equivalents increased to $371,322 as of December 31, 2025 and financing activity drove $374,171 of proceeds from issuance of common shares and warrants in the nine months. Operational losses remain — operating loss was $(26,350) for the quarter — and the company continues to carry material long-term debt of $224,989.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue increased YoY
- Top-line revenue rose to $90,391 for the quarter vs $86,244 in the three months ended December 31, 2024 (increase of $4,147).
- Net loss materially narrowed YoY
- Net loss from continuing operations improved to $(62,627) this quarter from $(121,896) in the prior-year quarter (improvement of $59,269).
- Earnings per share improved
- Basic and diluted loss per share narrowed to $(0.18) from $(1.11) in the prior‑year quarter (improvement of $0.93 per share).
- Significant increase in cash balance
- Cash and cash equivalents rose to $371,322 as of December 31, 2025 from $113,811 at March 31, 2025 (increase of $257,511).
- Equity financing strengthened liquidity
- Proceeds from issuance of common shares and warrants were $374,171 in the nine months ended December 31, 2025, contributing to net cash provided by financing activities of $285,799.
- Long-term debt reduced vs March 2025
- Long-term debt declined to $224,989 at December 31, 2025 from $299,811 at March 31, 2025 (reduction of $74,822).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating loss persists
- Operating loss from continuing operations remained $(26,350) for the quarter, indicating ongoing unprofitable core operations despite improved net loss.
- Material net loss remains
- The company still reported a net loss from continuing operations of $(62,627) for the quarter, a substantial absolute loss despite improvement versus prior year.
- Other expense remains a drag
- Other income (expense), net was a negative $(35,909) for the quarter, continuing to materially reduce income before taxes.
- Debt still sizeable
- While reduced, long-term debt remains material at $224,989 as of December 31, 2025.
- Inventory build
- Inventory increased to $105,555 at December 31, 2025 from $96,373 at March 31, 2025 (increase of $9,182), which may pressure margins or working capital if unsold.
- Potential future dilution from contingent share obligations
- MD&A/Canopy USA disclosure shows the Trust holds 28,571,429 Canopy USA Common Shares and warrants to acquire up to 85,714,284 Voting Shares as of December 31, 2025, and the Company may be required to issue additional common shares in satisfaction of deferred/option payments (potential dilution risk).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.18
- Gross margin
- 28.79%
- Operating margin
- -35.36%
What they said about what is next.
No numeric forward financial guidance provided in the 10‑Q. MD&A includes implementation timing for accounting standards (expects to implement ASU 2023-09 for fiscal year ending March 31, 2026 and ASU 2024-03 for fiscal year ending March 31, 2028) and discusses potential future share issuances related to Canopy USA option/consideration arrangements; quantitative outlook deferred to periodic earnings release/call.
The filing reads about the same as the one before it.
What came before.
- 10-Q · August 8, 2025
- Canopy Growth reported quarter revenue of $88,748,000 (three months ended June 30, 2025) versus $75,783,000 a year ago, while net loss narrowed to $41,527,000 from $127,138,000 a year earlier. Operating loss improved to…
- 10-Q · August 9, 2024
- Canopy Growth reported quarterly revenue of CAD$75,783,000 (net revenue CAD$66,212,000), down from CAD$88,644,000 a year ago, while reporting a larger net loss of CAD$127,138,000 versus CAD$38,121,000 in the prior-year…
- 10-K · May 30, 2024
- Canopy Growth positions itself as a brand-driven, North American cannabis company with an asset-light operating model and a strategic focus on accelerating entry into the U.S. through Canopy USA. The 10-K emphasizes a…
- 10-Q · November 9, 2022
- Canopy Growth reported lower quarterly revenue of CDN$130,359,000 (three months ended Sept. 30, 2022) versus CDN$145,648,000 a year ago, with a narrow positive gross margin of CDN$3,821,000 but a large operating loss of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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