Canopy Growth Q1 FY2024 revenue up 3% to $109M; net loss improves to $42M; EBITDA loss narrows 27%

Canopy Growth Corp

2023-Q1 EPS reported -$0.07 revenue$108,726,000

Net revenue $108.7M (+3% YoY; +16% adjusting for retail divestiture); net loss $41.9M vs $2.1B prior year on lower impairments.
Adjusted EBITDA loss $57.8M, improving 27% YoY; free cash flow outflow $150.7M, worsening 6% due to BioSteel and one-time items.
Cash fell to $571M from $783M; gross debt reduced by $262M to $1,045M via conversions, paydowns, and note equitization.
BioSteel revenue surged 137% YoY; company reviewing strategic options including potential sale to reduce cash burden.
Subsequent to quarter, agreements signed to reduce debt by ~$437M and annual interest by $20-30M.

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 0.9

Canopy Growth Corp reported first quarter ended June 30, 2023 results: revenue $109 million, net income $42 million. Guidance reaffirmed.

Period: first quarter ended June 30, 2023
Revenue: $109 million
Net income: $42 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Canopy Growth Reports First Quarter Fiscal Year 2024 Financial Results Net revenue in Q1 FY2024 increased 3% year-over-year to $109 million. Adjusting for divestiture of Canadian cannabis retail operations in FY2023, Q1 FY2024 net revenue increased 16% year-over-year Achieved total cost savings of $172 million through Q1 FY2024 Management reaffirms its expectation to achieve positive Adjusted EBITDA in all business units exiting FY2024, with the exception of BioSteel SMITHS FALLS, ON, August 9, 2023 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX:WEED) (Nasdaq: CGC) today announces its financial results for the first quarter ended June 30, 2023. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Highlights • All business segments of the Company delivered sequential revenue growth in Q1 FY2024, compared to Q4 FY2023. • Achieved cost reduction of $47 million in Q1 FY2024, bringing total cost reduct

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Source: SEC EDGAR

accession 0000950170-23-040729

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