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Canopy Growth Corporation’s stock soars almost 11% after posting a Q4 net loss of C$574.62M, sharply narrower than C$699.98M or C$1.85 per share in the prior-year quarter.
Source: Canopy Growth
WEED up +10.56%, TLRY down -2.57%
On average, analysts surveyed by Thomson Reuters had expected the company to report a loss of C$0.31 per share for the quarter.
Net revenue for the quarter fell 25% to C$111.777 million from C$148.44 million in the same quarter last year. Analysts projected revenues of C$129 million for the quarter.
The company’s adjusted EBITDA loss in the fourth quarter was C$122M, a C$20M increase in adjusted EBITDA loss compared to Q4 of 2021 attributable to a decline in sales and gross margins.
For full-year 2023, Canopy Growth is committed to strengthening the market position in premium segments in Canada due to the delivery of in-demand attributes under the Doja and 7ACRES brands.
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