Canopy’s Q3 earnings report beat expectations with $123.8M in net revenue (up from $76M last quarter) and an adjusted EBITDA loss of $91.7M (down from $156M in Q2). These results were better than the analyst-expected $105.4M in revenue and $110 EBITDA loss. Canopy stocks spiked, and stocks across the sector followed.
Twitter—Jeff Lagerquist, BNN Bloomberg, Twitter—David George-Cosh
- The company increased net revenues by 63% and reduced EBITDA loss by roughly 59%, both quarter over quarter.
- CEO David Klein, who took the reins last month, emphasized discipline, profitability, and connections with consumers. His last position was CFO of Canopy’s largest-shareholder Constellation Brands.
- Though Klein promised Canopy’s beverages will be “a game changer,” Canopy has not yet released those products. Klein said Canopy “probably rushed it in terms of getting our initial announcement out.”
Marketwatch, Twitter—Jeff Lagerquist