(Canopy Growth) Shares of Canopy Growth fell more than 12% in premarket on Friday after reporting net revenue of $111.8 million in the fourth quarter of 2022, down 25% from the prior year.
In the fourth quarter, Canopy reported a total cannabis revenue of $66 million, which was a decline of 35% from the prior year.
For the FY22, Canopy reported net revenue of $520 million, down by 5% from the prior year. Total cannabis revenue was $337 million, a decline of 11% from the prior year.
Canopy’s net loss narrowed by 6% in the fourth quarter to minus $578.6 million, although the adjusted EBITDA loss widened by 30% to $121.8 million.
For FY22, Canopy reported a net loss of $320.5 million, narrower by 81% from the prior year. The adjusted EBITDA loss widened by 22% to $415.4 million.
WEED: TSE is down -12.36%.
