Canopy Growth Q3 net revenue down 28% to $101M; net loss $267M; announces major restructuring

Canopy Growth Corp

2023-Q3 EPS reported -$5.66 revenue$329,191,000

Net revenue $101.2M (-28% YoY), net loss $266.7M (-$151M YoY), adjusted EBITDA loss $87.5M.
Announces Canadian business transformation to asset-light: exit flower cultivation in Smiths Falls, close 1 Hershey Drive facility.
Headcount reduction ~60% (800 positions, 40% immediate); cost reduction target $140-160M additional, total $240-310M.
Pre-tax restructuring charges $425-525M ($25-40M cash); reaffirms positive Adjusted EBITDA in FY2024 (excl. BioSteel).
Cash $789M (down from $1,372M); gross debt $1,206M (down from $1,501M).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Canopy Growth Corp reported third quarter ended December 31, 2022 results: revenue $101 million, net income $267 million. Guidance reaffirmed.

Period: third quarter ended December 31, 2022
Revenue: $101 million
Net income: $267 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

"Non-GAAP Measures". 2 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". 3 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". Revenues: Net revenue of $101 million in Q3 FY2023 declined 28% versus Q3 FY2022. The decrease is primarily attributable to increased competition in the Canadian adult-use cannabis market, the divestiture of C3

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Source: SEC EDGAR

accession 0000950170-23-002246

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