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Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
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Schedule 1 | ||||||||
CANOPY GROWTH CORPORATION | ||||||||
June 30, | March 31, | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 126,202 | $ | 113,811 | ||||
Short-term investments | 17,427 | 17,656 | ||||||
Restricted short-term investments | 5,828 | 6,410 | ||||||
Amounts receivable, net | 50,033 | 52,780 | ||||||
Inventory | 93,821 | 96,373 | ||||||
Prepaid expenses and other assets | 10,048 | 7,544 | ||||||
Total current assets | 303,359 | 294,574 | ||||||
Other investments | 161,900 | 179,977 | ||||||
Property, plant and equipment | 291,274 | 293,523 | ||||||
Intangible assets | 84,330 | 87,200 | ||||||
Goodwill | 47,377 | 46,042 | ||||||
Other assets | 16,431 | 16,385 | ||||||
Total assets | $ | 904,671 | $ | 917,701 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 24,078 | $ | 26,099 | ||||
Other accrued expenses and liabilities | 46,535 | 38,613 | ||||||
Current portion of long-term debt | 6,306 | 4,258 | ||||||
Other liabilities | 21,750 | 25,434 | ||||||
Total current liabilities | 98,669 | 94,404 | ||||||
Long-term debt | 288,997 | 299,811 | ||||||
Other liabilities | 28,029 | 36,273 | ||||||
Total liabilities | 415,695 | 430,488 | ||||||
Commitments and contingencies | ||||||||
Canopy Growth Corporation shareholders’ equity: | ||||||||
Share capital | ||||||||
Common shares – $nil par value; Authorized – unlimited; Issued and outstanding – 205,147,235 shares and 183,865,295 shares, respectively. | ||||||||
Exchangeable shares – $nil par value; Authorized – unlimited; Issued and outstanding – 26,261,474 shares and 26,261,474 shares, respectively. | ||||||||
8,836,531 | 8,796,406 | |||||||
Additional paid-in capital | 2,614,869 | 2,618,417 | ||||||
Accumulated other comprehensive loss | 7,248 | 535 | ||||||
Deficit | (10,969,672 | ) | (10,928,145 | ) | ||||
Total shareholders’ equity | 488,976 | 487,213 | ||||||
Total liabilities and shareholders’ equity | $ | 904,671 | $ | 917,701 | ||||
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Schedule 2 | ||||||||
CANOPY GROWTH CORPORATION | ||||||||
Three months ended June 30, | ||||||||
2025 | 2024 | |||||||
Revenue | $ | 88,748 | $ | 75,783 | ||||
Excise taxes | 16,614 | 9,571 | ||||||
Net revenue | 72,134 | 66,212 | ||||||
Cost of goods sold | 54,096 | 43,181 | ||||||
Gross margin | 18,038 | 23,031 | ||||||
Operating expenses | ||||||||
Selling, general and administrative expenses | 38,108 | 47,968 | ||||||
Share-based compensation | (99 | ) | 4,151 | |||||
Loss on asset impairment and restructuring | 2,653 | 20 | ||||||
Total operating expenses | 40,662 | 52,139 | ||||||
Operating loss from continuing operations | (22,624 | ) | (29,108 | ) | ||||
Other income (expense), net | (18,612 | ) | (93,889 | ) | ||||
Loss from continuing operations before income taxes | (41,236 | ) | (122,997 | ) | ||||
Income tax expense | (291 | ) | (6,194 | ) | ||||
Net loss from continuing operations | (41,527 | ) | (129,191 | ) | ||||
Discontinued operations, net of income tax | – | 2,053 | ||||||
Net loss attributable to Canopy Growth Corporation | $ | (41,527 | ) | $ | (127,138 | ) | ||
Basic and diluted loss per share | ||||||||
Continuing operations | $ | (0.22 | ) | $ | (1.63 | ) | ||
Discontinued operations | – | 0.03 | ||||||
Basic and diluted loss per share | $ | (0.22 | ) | $ | (1.60 | ) | ||
Basic and diluted weighted average common shares outstanding | 188,321,555 | 79,243,020 | ||||||
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Schedule 3 | ||||||||
CANOPY GROWTH CORPORATION | ||||||||
Three months ended June 30, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (41,527 | ) | $ | (127,138 | ) | ||
Gain from discontinued operations, net of income tax | – | 2,053 | ||||||
Net loss from continuing operations | (41,527 | ) | (129,191 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation of property, plant and equipment | 4,753 | 5,682 | ||||||
Amortization of intangible assets | 4,917 | 5,348 | ||||||
Share-based compensation | (99 | ) | 4,151 | |||||
Loss on asset impairment and restructuring | 109 | 86 | ||||||
Income tax expense | 291 | 6,194 | ||||||
Non-cash fair value adjustments and charges related to settlement of long-term debt | 10,049 | 79,793 | ||||||
Change in operating assets and liabilities, net of effects from purchases of businesses: | ||||||||
Amounts receivable | 2,915 | 668 | ||||||
Inventory | 2,838 | (7,008 | ) | |||||
Prepaid expenses and other assets | (2,668 | ) | (185 | ) | ||||
Accounts payable and accrued liabilities | 5,184 | (5,911 | ) | |||||
Other, including non-cash foreign currency | 2,901 | (11,407 | ) | |||||
Net cash used in operating activities | (10,337 | ) | (51,780 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of and deposits on property, plant and equipment | (1,306 | ) | (3,920 | ) | ||||
Purchases of intangible assets | (183 | ) | (14 | ) | ||||
Proceeds on sale of property, plant and equipment | 5 | 4,926 | ||||||
Redemption of short-term investments | 779 | 30,022 | ||||||
Net cash outflow on sale or deconsolidation of subsidiaries | – | (6,968 | ) | |||||
Net cash inflow on loan receivable | – | 28,103 | ||||||
Investment in other financial assets | – | (95,335 | ) | |||||
Net cash used in investing activities – continuing operations | (705 | ) | (43,186 | ) | ||||
Net cash provided by investing activities – discontinued operations | – | 10,157 | ||||||
Net cash used in investing activities | (705 | ) | (33,029 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common shares and warrants | 38,261 | 53,854 | ||||||
Issuance of long-term debt and convertible debentures | – | 68,255 | ||||||
Repayment of long-term debt | (916 | ) | (11,836 | ) | ||||
Other financing activities | (11,885 | ) | (4,498 | ) | ||||
Net cash provided by financing activities | 25,460 | 105,775 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (2,027 | ) | 890 | |||||
Net increase in cash and cash equivalents | 12,391 | 21,856 | ||||||
Cash and cash equivalents, beginning of period | 113,811 | 170,300 | ||||||
Cash and cash equivalents, end of period | $ | 126,202 | $ | 192,156 | ||||
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Schedule 4 | ||||||||
Adjusted EBITDA1 Reconciliation (Non-GAAP Measure) | ||||||||
Three months ended June 30, | ||||||||
(in thousands of Canadian dollars, unaudited) | 2025 | 2024 | ||||||
Net loss from continuing operations | $ | (41,527 | ) | $ | (129,191 | ) | ||
Income tax expense | 291 | 6,194 | ||||||
Other (income) expense, net | 18,612 | 93,889 | ||||||
Share-based compensation | (99 | ) | 4,151 | |||||
Acquisition, divestiture, and other costs | 2,484 | 8,627 | ||||||
Depreciation and amortization | 9,670 | 11,030 | ||||||
Loss on asset impairment and restructuring | 2,653 | 20 | ||||||
Adjusted EBITDA1 | $ | (7,916 | ) | $ | (5,280 | ) | ||
1Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures”. | ||||||||
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Schedule 5 | ||||||||
Free Cash Flow1 Reconciliation (Non-GAAP Measure) | ||||||||
Three months ended June 30, | ||||||||
(in thousands of Canadian dollars, unaudited) | 2025 | 2024 | ||||||
Net cash used in operating activities – continuing operations | $ | (10,337 | ) | $ | (51,780 | ) | ||
Purchases of and deposits on property, plant and equipment – continuing operations | (1,306 | ) | (3,920 | ) | ||||
Free cash flow1 – continuing operations | $ | (11,643 | ) | $ | (55,700 | ) | ||
1Free cash flow is a non-GAAP measure. See “Non-GAAP Measures”. | ||||||||
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Schedule 6 | ||||||||
Segmented Gross Margin | ||||||||
Three months ended June 30, | ||||||||
(in thousands of Canadian dollars except where indicated; unaudited) | 2025 | 2024 | ||||||
Cannabis segment | ||||||||
Net revenue | $ | 56,982 | $ | 46,093 | ||||
Gross margin, as reported | 13,591 | 15,271 | ||||||
Gross margin percentage, as reported | 24 | % | 33 | % | ||||
Storz & Bickel segment | ||||||||
Revenue | $ | 15,152 | $ | 20,119 | ||||
Gross margin, as reported | 4,447 | 7,760 | ||||||
Gross margin percentage, as reported | 29 | % | 39 | % | ||||
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Alex Thomas
Director, Communications
[email protected] Tyler Burns
Director, Investor Relations
[email protected]
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