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CGC

Canopy Growth Corporation

CGC

Canopy Growth Corporation • NASDAQ
$1.17 ▼ -3.31% (-0.04)
Market Cap $280.55 M
52w High $3.96
52w Low $0.77
Dividend Yield 0%
P/E -0.62
Volume 7.94M
Outstanding Shares 239.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $66.683M ▼ $38.799M ▼ $-1.639M ▲ -2.458% ▲ $-0.01 ▲ $16.622M ▲
Q1-2025 $72.134M ▲ $40.662M ▲ $-41.527M ▲ -57.569% ▲ $-0.22 ▲ $-21.827M ▲
Q4-2024 $65.031M ▼ $28.814M ▼ $-220.788M ▼ -339.512% ▼ $-1.42 ▼ $-194.323M ▼
Q3-2024 $74.761M ▲ $47.92M ▼ $-121.896M ▲ -163.048% ▲ $-1.11 ▲ $-94.5M ▲
Q2-2024 $62.991M $67.781M $-128.293M -203.669% $-1.48 $-99.663M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $298.058M ▲ $1.07B ▲ $333.825M ▼ $736.013M ▲
Q1-2025 $143.629M ▲ $904.671M ▼ $415.695M ▼ $488.976M ▲
Q4-2024 $131.467M ▼ $917.701M ▼ $430.488M ▼ $487.213M ▼
Q3-2024 $178.344M ▼ $1.164B ▼ $572.744M ▼ $591.475M ▲
Q2-2024 $231.221M $1.232B $722.68M $509.668M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-1.639M ▲ $-17.979M ▼ $16.729M ▲ $168.997M ▲ $171.856M ▲ $-19.442M ▼
Q1-2025 $-41.527M ▲ $-10.337M ▲ $-705K ▲ $25.46M ▲ $12.391M ▲ $-11.826M ▲
Q4-2024 $-221.501M ▼ $-33.152M ▼ $-1.001M ▲ $-15.958M ▲ $-48.098M ▲ $-36.299M ▼
Q3-2024 $-121.896M ▲ $-26.966M ▲ $-14.794M ▼ $-30.099M ▼ $-66.507M ▼ $-28.576M ▲
Q2-2024 $-131.55M $-53.852M $1.036M $88.942M $36.26M $-56.441M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been drifting down for several years, showing that the top line is not yet stabilised. Margins have been very volatile, swinging from negative to only modestly positive, which suggests pricing pressure, write-downs, and ongoing restructuring. Operating losses remain large, though significantly smaller than the peak loss year, indicating cost-cutting and efficiency efforts are having some effect. Even so, the business is still far from break-even at the operating and net income level, and earnings per share remain deeply negative, reflecting substantial dilution and recurring losses.

Balance Sheet

Balance Sheet The balance sheet has shrunk dramatically over the last few years, moving from a sizeable asset base to a much leaner one. This likely reflects asset sales, facility closures, and write-downs as the company has tried to right-size its operations. Cash has fallen meaningfully, leaving a thinner liquidity cushion, while debt remains material relative to the now-smaller asset base. Equity is still positive but much lower than in the early expansion phase, signalling that prior capital has been heavily consumed by losses and impairments. Overall, financial flexibility appears tighter, with less room for strategic mistakes.

Cash Flow

Cash Flow The core business has consistently burned cash, although the pace of cash outflow from operations has improved over time. Free cash flow has been negative every year, indicating that the company still depends on outside funding, asset sales, or partner support to sustain itself. Capital spending has been pared back sharply, which helps conserve cash but also suggests a shift from aggressive growth investment toward preservation and restructuring. The key question is whether recent efficiency gains can push operating cash flow toward break-even before the current cash resources and financing options become strained.

Competitive Edge

Competitive Edge Canopy holds recognisable brands, a broad product portfolio, and one of the more established positions in the cannabis sector, particularly in Canada. Its partnership with a major consumer-packaged-goods company gives it marketing, distribution, and product-development support that many peers lack. It also has scale, regulatory experience, and strategic exposure to the U.S. through its Canopy USA structure and deals with brands like Wana and Jetty. However, the company operates in a fiercely competitive, oversupplied market with price compression and heavy regulation. While the strategic platform is strong on paper, the financial results show that converting these advantages into durable, profitable market share has been challenging so far.

Innovation and R&D

Innovation and R&D The company has leaned heavily into innovation as a differentiator, focusing on vapes, infused pre-rolls, beverages, and medical applications. It has built a meaningful portfolio of patents and technology, including advanced vape hardware, high-potency formats, beverage formulations, and cannabinoid science. The partnership with Constellation supports beverage innovation and consumer insight, while acquisitions have bolstered its intellectual property and product breadth. The main tension is that sustained R&D and brand-building require capital, while the financial statements show ongoing cash burn. The long-term value of this innovation engine will depend on how effectively Canopy can commercialise these products, especially in the U.S., without overextending its balance sheet.

Summary

Canopy Growth looks like a company in the middle of a difficult transition from aggressive, capital-fuelled expansion to a leaner, profitability-focused model. On the positive side, it has strong brand assets, a deep innovation pipeline, meaningful strategic partnerships, and a clear plan to benefit from any future liberalisation of U.S. cannabis laws. On the risk side, revenue has been shrinking, losses remain large, cash burn is ongoing, and the balance sheet has been significantly reduced, all in a highly competitive and regulated industry. Future performance will hinge on whether management can continue to narrow losses, stabilise revenue, and unlock the value of its U.S. optionality and product innovation, all while operating with more limited financial resources and ongoing regulatory uncertainty.

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October 24, 2025 · 7:00 AM UTC

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