Canopy Growth Corp.’s stock was up slightly in premarket trading on Thursday after the Canadian cannabis company reported a lower loss on higher revenue and lower expenses.
Canopy Growth’s fourth-quarter loss narrowed to C$92.3 million, or C$1.03 a share, from C$640.1 million, or C$12.83 a share, in the year-ago quarter.
The FactSet consensus estimate for Canopy Growth’s fourth-quarter was a loss of 44 cents a share in Canadian currency.
Revenue rose 5% to C$72.8 million, in line with analyst estimates.
Total operating expenses fell to C$122.2 million from C$480.46 million.
Company highlights in the quarter include record fourth-quarter revenue for the its Storz & Bickel vaporizer brand, and a 16% rise in Canada medical cannabis net revenue.
The cost of goods sold in Canada cannabis fell by 54%.
Canopy Growth’s stock was up by 0.7% in premarket trading. Prior to Thursday’s moves, the stock was up by 66% in 2024, compared to a 12.7% increase by the Nasdaq.
“Canopy has growing businesses in all of the world’s most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem,” the company said.
Chief Executive David Klein said the company “delivered dramatic reductions in expenses, cash burn, and debt over the past year.”
Canopy said it has no material debt maturing until 2026, and that it’s “equipped to capitalize on growth opportunities and enhance shareholder value.”
