Despite revenue growth and balance sheet improvement (net cash position), the GAAP operating loss ballooned to $95.8M and gross margin dropped to 12% due to $61.4M in impairment/restructuring and $10.7M in inventory write-downs from MTL integration. With Storz & Bickel revenue declining —14%, the core cannabis growth may not offset these lumpy charges. Watch for FY2027 quarterly progression toward the positive Adjusted EBITDA target and any further goodwill impairment risks around the Storz & Bickel segment.
Price Chart
Executive Summary
Canopy Growth reported Q4 FY2026 (Mar 31, 2026) consolidated net revenue of $71.2M, up 10% YoY, with cannabis net revenue growing 20% to $54.5M driven by 27% growth in Canada medical and 68% in international markets. However, GAAP net loss from continuing operations was $154.7M (loss per share of $0.40), reflecting $61.4M in asset impairment/restructuring charges and $10.7M of inventory charges, while the operating loss widened from $18.3M to $95.8M. The company completed the MTL Cannabis acquisition and ended FY2026 with a net cash position of $131.3M, but continues to burn cash (Adjusted EBITDA loss of $6.3M in Q4, free cash outflow of $19.3M).
Key Financial Metrics
Key Facts
- Q4 FY2026 consolidated net revenue of $71.2M, up 10% YoY vs $65.0M
- FY2026 consolidated net revenue of $284.6M, up 6% YoY vs $269.0M
- GAAP net loss from continuing operations in Q4 FY2026: $154.7M vs $196.7M in Q4 FY2025
- Basic and diluted loss per share of $0.40 for Q4 FY2026 vs $1.27 in Q4 FY2025
- Operating loss widened to $95.8M from $18.3M in Q4 FY2025, driven by $61.4M in asset impairment and restructuring charges
- Adjusted EBITDA loss for Q4 FY2026 was $6.3M, improved from a loss of $9.2M in Q4 FY2025 (32% narrowing)
- Free cash outflow in FY2026 was $69.1M, improved from $176.6M in FY2025
- Net cash position of $131.3M at March 31, 2026 vs net debt of $172.6M at March 31, 2025
- Completed acquisition of MTL Cannabis during FY2026
- Storz & Bickel net revenue declined 14% in Q4 and FY2026 due to lapping strong prior-year sales and consumer uncertainty
- Consolidated gross margin compressed to 12% in Q4 FY2026 (16% in Q4 FY2025) due to $10.7M of inventory charges; adjusted gross margin 27% vs 19% a year ago
- Management expects positive Adjusted EBITDA during FY2027 with second-half weighted improvement
Financial Impact
GAAP net loss of $154.7M in Q4, Adjusted EBITDA loss of $6.3M, free cash outflow $19.3M; market cap $430M — loss represents ~36% of market cap on GAAP basis
Risk Factors
- Storz & Bickel segment revenue declined 14% and goodwill/brand impairment was taken; further impairment risk remains
- Integration of MTL Cannabis may cause additional inventory and restructuring charges
- Company is still cash-flow negative (free cash outflow $69.1M in FY2026) despite improved trajectory
- Guidance is qualitative (expects positive Adjusted EBITDA in FY2027) with no hard numbers — execution risk is high
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-270277 |
| Document: cgc-20260615.htm | 0001193125-26-270277 |
| Document: 0001193125-26-270277-index-headers.html | 0001193125-26-270277 |
| Document: 0001193125-26-270277-index.html | 0001193125-26-270277 |
| Document: 0001193125-26-270277.txt | 0001193125-26-270277 |
| 8-K Data (Synthetic) | 0001193125-26-270277 |
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|---|---|---|---|---|---|
Oct 16, 2026 10d ago | DEFA14A | $0.7160 | awaiting T+20 | — | $0.6680 (+6.70%) |
Oct 16, 2026 10d ago | 8-K | $0.7160 | awaiting T+20 | — | $0.6680 (+6.70%) |
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Aug 7, 2026 11w ago | 8-K | $0.9700 $0.9727 | ▲ +0.28% | ▲ +0.68% | $0.6680 (−31.13%) |
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May 15, 2026 23w ago | 8-K | $0.9820 $0.9580 | ▲ +2.44% | ▲ +4.03% | $0.6680 (+31.98%) |
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