Canopy Growth and Canaan report quarterly financial results

Canopy Growth reported a 13% year-over-year revenue increase to $58.9 million for its fiscal 2027 first quarter. While adjusted gross margins rose to 31% and adjusted EBITDA losses narrowed by 59% to $2.3 million, the company remains unprofitable. Free cash outflow increased to $18.6 million, up from $8.4 million in the previous year. Some growth was attributed to the acquisition of MTL Cannabis.

Canaan reported second-quarter 2026 revenue of approximately $32 million, missing its previous guidance of $35 million to $45 million. The company cited weaker Bitcoin mining economics, cautious customer spending, and high industry inventory as primary pressures. Mining operations accounted for 55% of total revenue, with the company mining 243 Bitcoin during the period.