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…
Earnings analysis · 10-Q
CGC earnings analysis
Filed February 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.18
What stood out
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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).
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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).
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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).
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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).
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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.
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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).
What to watch
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Operating loss persists
Operating loss from continuing operations remained $(26,350) for the quarter, indicating ongoing unprofitable core operations despite improved net loss.
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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.
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Other expense remains a drag
Other income (expense), net was a negative $(35,909) for the quarter, continuing to materially reduce income before taxes.
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Debt still sizeable
While reduced, long-term debt remains material at $224,989 as of December 31, 2025.
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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.
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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).
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.