Canopy Growth Corporation (NASDAQ: CGC), announced its financial results Friday for the second quarter fiscal 2022 ended September 30, revealing a 3% year-over-year decline in net revenue to CA$131 million ($105.4 million).
Total net cannabis revenue increased by 1% over the same period reaching CA$95 million in the second quarter of 2022.
The company also reported an adjusted EBITDA loss of CA$163 million for the same period, representing a CA$77 million wider loss versus the same period of last year, which can be attributed to lower sales, a decline in gross margins, partially offset by the reduction in our total selling, general and administrative expenses.
In addition, Canopy pushed out a positive Adjusted EBITDA target.
Cantor Fitzgerald’s Pablo Zuanic kept a ‘Neutral’ rating and the same price target of $CA18.50 on Canopy’s stock post-earnings release.
“Management had guided for a down quarter, but sales still came in lower than FactSet consensus ($131 million versus $140 million) and adjusted EBITDA of -$76 …