Canopy Growth Posts Net Revenue Of $136.2 Million For Fiscal Q1 2022

Canopy Growth Corp (TSX: WEED) reported this morning its financial results for fiscal Q1 2022 ending June 30, 2021, highlighting a net revenue of $136.2 million. This is a drop from Q4 2021’s $148.4 million but an increase from Q1 2021’s $110.4 million.

The quarterly revenue is composed of $73.5 million from the Canadian cannabis business, $19.4 million from the international cannabis market, and $43.3 million from other consumer products.

Gross margin for the quarter ended up at 20%, up from 7% last quarter and 6% last year. Net income also increased this quarter to $390.0 million from net losses of $616.7 million last quarter and $128.3 million last year. This translates to $0.84 earnings per diluted share.

The improvement in net earnings is due to an approximately $601 million gain from changes in non-cash fair value. Considering this and other financial calibrations, adjusted EBITDA for the quarter came in at a loss of $63.6 million compared to last quarter’s $94 million and last year’s $92.2 million.

Canopy Growth’s cash and short-term investments value at the end of the quarter is at $2.1 billion, down from $2.3 billion last quarter. This is in part due to a cash burn that ended the quarter with $559.8 million in cash and cash equivalents from $1.2 billion at the start of the period. A major part of this cash flow change comes from short-term investment purchases valued at $346.6 million. On the other hand, free cash flow ended at an outflow of $186.1 million compared to last year’s outflow of $180.1 million.

The company remains optimistic about achieving a positive adjusted EBITDA during the second half of the fiscal year 2022.

Canopy Growth last traded at $23.96 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

SSR Mining Q1 Earnings: Costs Continue To Climb

Recommended

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

PTX Metals Hits 235.1 Metres Of Copper, Nickel Mineralization In Longest Intercept To Date At W2

Related News

Canopy Growth Sees Chief Legal Officer Resign

It appears that management changes might be coming to Canopy Growth Corp (TSX: WEED) (NASDAQ:...

Monday, September 20, 2021, 07:53:29 AM

Canopy Growth Quietly Parts Way With CCO, COO

It appears that Canopy Growth Corp (TSX: WEED) (NYSE:CGC) has continued to experience a bit...

Tuesday, May 12, 2020, 09:32:41 AM

Is the Termination of the Hiku Merger the Best Thing to Happen to WeedMD?

A little over a year ago, it was announced that Hiku Brands would be acquiring...

Tuesday, May 7, 2019, 09:16:36 AM

Canopy Growth Sees Revenues Decline To $131.4 Million

Canopy Growth Corp (TSX: WEED) (NASDAQ: CGC) this morning met the expectations of every cannabis...

Friday, November 5, 2021, 08:19:17 AM

Canopy Growth Very Quietly Released A Weed-Growing Game

A Twitter user recently discovered a “Zelda-type” 2D weed-growing game from following QR codes printed...

Monday, April 4, 2022, 04:37:00 PM