Canopy Growth

Q1 FY2027 EarningsQ1 FY27 results demonstrated significant divergence from consensus: revenue of $81.2M missed the $82.7M expectation (-1.8% YoY), and gross margin of 27% fell sharply below the 34.3% consensus. While GAAP EPS of -$0.03 beat the -$0.095 estimate, this was entirely driven by a $16.2M non-cash fair value gain on Canopy USA assets rather than underlying operational strength. The most concerning variance was in cash from operations, which reported a -$25.0M outflow against an expected $2.0M inflow, highlighting persistent liquidity challenges and working capital volatility.