Canopy Growth narrows FY26 loss, targets positive EBITDA in FY27
Canopy Growth Corporation increased its fiscal 2026 net revenue by 6% to $285 million, driven by growth in Canadian medical and international cannabis segments. The company narrowed its net loss by 49% to $262.9 million and improved its balance sheet to a net cash position of $131 million. Following the acquisition of MTL Cannabis, management targets $10 million in annualized cost synergies and expects to achieve positive adjusted EBITDA in fiscal 2027.
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Canopy Growth Corporation reported fiscal 2026 net revenue of $285 million, a 6% increase from the prior year, while narrowing its net loss by 49% to $262.9 million. The company ended the fiscal year with a net cash position of $131 million, a significant improvement from a net debt position of $173 million at the end of fiscal 2025. Management expressed confidence in achieving positive adjusted EBITDA during fiscal 2027, driven by revenue growth and cost management initiatives.
For the fourth quarter ended March 31, 2026, the company reported net revenue of $71.2 million, up 10% compared to the same period last year. Cannabis net revenue grew 20% to $54.5 million, led by a 27% increase in Canada medical cannabis revenue to $25.3 million and a 68% surge in international markets. Canada adult-use cannabis revenue was flat at $20.6 million for the quarter. The net loss from continuing operations for the fourth quarter was $154.7 million.
The company completed the acquisition of MTL Cannabis during the year, establishing Canopy Growth as the leading medical cannabis business in Canada by revenue. The integration is progressing, with $6 million of annualized cost synergies already executed out of a targeted $10 million. These synergies include the elimination of public company costs, headcount reductions, and facility rationalization, including the closure of a cultivation facility in Kelowna, B.C.
"We reset the business, laid a disciplined foundation, and made deliberate investments, including acquiring MTL Cannabis, that will drive the next phase of growth," said Luc Mongeau, Chief Executive Officer. "As the leading medical cannabis business in Canada by revenue, we are well positioned to extend that leadership into Europe."
The company's balance sheet was strengthened through a strategic recapitalization, extending debt maturities to 2031. Canopy Growth ended the year with $365 million of cash and total debt of $234 million. The improved financial position provides flexibility for future growth opportunities, including expansion into the UK and further investment in European markets such as Germany and Poland.
| Metric | Q4 FY26 | Q4 FY25 | Change |
|---|---|---|---|
| Net Revenue | $71.2 million | - | +10% |
| Cannabis Net Revenue | $54.5 million | - | +20% |
| Canada Medical Revenue | $25.3 million | - | +27% |
| International Cannabis Revenue | $8.6 million | - | +68% |
| Net Cash Position | $131 million | $(173) million | Improvement of $304 million |
What specific regulatory milestones in the UK, Germany, and Poland are required to unlock the projected revenue growth in these European markets?
How will Canopy Growth allocate the $365 million cash balance to balance further European expansion with the goal of achieving positive adjusted EBITDA in fiscal 2027?
What strategies will management employ to reignite growth in the stagnant Canada adult-use cannabis market?
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