Summary by Moomoo AI
On August 9, 2024, Canopy Growth Corporation, a leading cannabis company, reported its financial results for the first quarter of fiscal year 2025, which ended on June 30, 2024. The company announced a 67% increase in gross profit year-over-year, reaching $23 million, despite a 13% decline in consolidated net revenue to $66 million. The improved gross margin, which hit 35%, was attributed to cost reduction actions and a shift towards higher margin medical sales. The operating loss from continuing operations decreased by 47% to $29 million, and the Adjusted EBITDA loss narrowed by 77% to $5 million, reflecting the company's strategic cost management. Canopy Growth also reported a 31% reduction in Cost-of-Goods Sold and a 24% reduction in Selling, General & Administrative expenses compared to the previous year. Cash and short-term...Show More