Canopy Growth (NYSE: CGC) reported its second quarter financial results on Thursday. The Company reported widening losses as well as weaker revenue, which caused shares to sink by 16%.
For the quarter, Canopy Growth reported earnings loss of CAD 1.08 per share on revenue of CAD 76.6 Million. FactSet analysts anticipated earnings loss of CAD 0.41 per share on revenue of CAD 90.6 Million.
Net revenues increased by 229% from CAD 23.3 Million compared to the same quarter a year ago. However, sequentially, Canopy Growth witnessed its revenue slip by 15%.
Net losses totaled CAD 374.6 Million, which improved by 71% quarter-over-quarter, but increased by 13% from CAD 330.6 Million year-over-year.
Canadian recreational cannabis business-to-business revenue was CAD 49.4 Million at the end of the quarter, declining by 15% quarter-over-quarter. Meanwhile, Canadian recreational cannabis revenue business-to-consumer totaled CAD 13.1 Million, increasing by 24% sequentially.
Canadian medical cannabis increased by 8% quarter-over-quarter to CAD 14.1 Million.
International medical cannabis revenue surged by 72% quarter-over-quarter to CAD 18.1 Million.
Recreational business-to-business dry cannabis sales reached 7,497 kilograms at the end of the quarter, improving by 9% quarter-over-quarter. However, dry cannabis revenue fell by 8% to CAD 47.4 Million. Additionally, Canopy Growth witnessed its cannabis oil and softgel sales plunged by 80% to 259 kilograms compared to 1,288 kilograms in the previous quarter. Consequently, sales in the segment slipped by 71% to CAD 2.0 Million.
On the other hand, recreational business-to-consumer dry cannabis sales increased by 34% to 1,064 kilograms, while revenue increased by 25% CAD 11.6 Million. Cannabis oil and softgels sales fell by 1% to 98 kilograms, however, revenue grew by 15% to CAD 1.5 Million.
Following Canopy Growth’s quarterly financial results, the stock is now down 42.91% this year.