The cannabis producer beat analyst estimates with a 13% year-over-year revenue increase and improved adjusted gross margins.
Canopy Growth reported fiscal first-quarter net revenue of C$81.2 million, up 13% year-over-year and surpassing the C$58.89 million analyst consensus. Adjusted loss per share narrowed to C$0.03 from a C$0.06 estimate, reflecting improved margins and cost controls.
Revenue growth was driven by a 14% increase in cannabis sales to C$65.1 million, including a 22% rise in Canada medical cannabis revenue to C$25.8 million. Adult-use cannabis revenue climbed 10% to C$29.7 million, while international sales rose 10% to C$9.6 million. Storz & Bickel revenue increased 6% to C$16.1 million.
Shares rose 5% in early trading following the results, which highlighted strength in European markets and benefits from the MTL Cannabis acquisition.