Canopy Growth (TSX: WEED) has seen revenue decline on a sequential basis for its fourth quarter of 2024. The firm reported revenue of $72.8 million, down from $78.5 million in the third quarter.
Little improved for the company from the third quarter to the fourth quarter, with gross margin also declining to 21%, down from 36% in Q3. The net loss from continuing operations amounted to $94.7 million, compared to a loss of $230.3 million in the third quarter, while adjusted EBITDA came in at negative $15.1 million, versus negative $9.0 million in the prior quarter. Free cash flow meanwhile was negative as well at $22.7 million.
For the full fiscal year, Canopy reported revenue of $297.1 million, an 11% decline from the prior year on a continuing operations basis, while gross margins came in at 27%, versus the negative 26% reported for fiscal year 2023. The net loss from continuing operations came in at $483.7 million, versus the substantial net loss in 2023 of $3,309.5 million.
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Adjusted EBITDA for fiscal 2024 meanwhile amounted to negative $58.9 million, while free cash flow came in at negative $231.9 million.
“We have made remarkable progress and delivered dramatic reductions in expenses, cash burn, and debt over the past year. These efforts have significantly enhanced our financial stability and moved us toward achieving positive Consolidated Adjusted EBTIDA. With no material debt maturing until 2026, Canopy is equipped to capitalize on growth opportunities and enhance shareholder value,” commented CFO Judy Hong on the results.
The company finished the fiscal year with $203 million in cash, cash equivalents, and short term debt, with no material debt coming due until March 2026.
Canopy Growth last traded at $12.27 on the TSX.
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