Earnings Releases·Nov 6, 2026, 7:06 AM ET

Canopy Growth — Q2 FY2027 Earnings Summary

Consolidated net revenue rose 22% year-over-year to $81.4M, driven by a 30% increase in the cannabis segment and a 141% surge in international cannabis revenue to $12.3M, though Storz & Bickel revenue fell 4% to $15.1M.
The company reported a net loss of $40.7M, an increase of $35.7M primarily due to $35.8M in fair value charges on Canopy USA assets, while adjusted EBITDA loss narrowed to $2.9M (a 6% improvement) and free cash outflow decreased to $15.5M.
Consolidated gross margin declined to 29% from 33% in the prior year, with the cannabis segment margin dropping to 26% from 31%, impacted by reduced VAC reimbursement rates and lower adjusted gross margins in the segment.
Management reaffirmed a strategic focus on international expansion and cultivation capabilities, citing progress toward profitability and an aim to report positive adjusted EBITDA during fiscal 2027.
Key strategic developments include EU GMP certification for the Smiths Falls and Kincardine facilities, entry into the U.K. market via GROW Group, and revenue growth in Canada medical and adult-use segments attributed to the MTL Cannabis acquisition.