Canopy Growth Highlights
Generated $124 million Net Revenue, up from $76 million in Q2 2020
Excluding portfolio restructuring charges in Q2 2020, Net Revenue up 13%
Achieved Gross Margin of 34%
Total Operating Expenses down 14% versus the prior quarter
Adjusted EBITDA loss decreases to $92 million
Third Quarter Fiscal 2020 Corporate Financial Highlights
- Revenues: Reported Net Revenues increased 62% over Q2 2020, or 13% excluding the impact of portfolio restructuring charges. Gross Recreational B2B revenue increased 8% over prior quarter due, in part, to over 140 stores becoming active in the quarter and higher sales of premium dried flower and pre-roll joints. Our acquired businesses including Storz & Bickel and This Works also performed well, contributing to organic growth this quarter.
- Gross margin: Gross margin before fair value impacts was 34%. Gross margin performance in quarter benefited from lower period costs due to higher facility utilization
- Operating expenses: Total operating expenses decreased 14% versus Q2 2020 primarily due to a $20 million reduction in G&A expenses and over $31 million lower stock-based compensation versus the prior quarter
- Adjusted EBITDA: Adjusted EBITDA loss of $92 million, a $64 millionnarrower loss versus Q2 2020 driven by higher sales, improved gross margins and lower operating expenses
- Cash Position: Gross cash balance was $2.3 billion, down from $2.7 billion in Q2 2020, reflecting the EBITDA loss, capital investments and M&A
Third Quarter Fiscal 2020 Business & Operational Highlights
- Maintained leading market share in retail, at an estimated 22%, of the Canadian recreation market as we saw a strong demand for both premium and value priced dried flower and pre-rolled joints
- Continued market share gains and increase in the number of patients, to over 76,700, in the Canadian medical cannabis market
- Named David Klein as new Chief Executive Officer
- Completed first shipments of cannabis-infused edible chocolates and JUJU Power 510 batteries in December 2019
- Storz & Bickel expanded product line with launch of Crafty+ vaporizer in November 2019
- Announced initial line of First & Free Hemp-derived CBD products and began sales online through www.firstandfree.com, one quarter ahead of Q4 2020 target
For complete earning : www.canopygrowth.com
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