Canopy Growth CGC Misses Q4 2026 Estimates but Eyes Profitability in FY2027

Canopy Growth reported a loss of $0.40 per share for Q4 2026, badly undershooting the consensus estimate of $0.09 per share. Revenue also came in light at $71.2 million against an expectation of $74.4 million — a miss of roughly 4%. Despite those headline shortfalls, management pointed to a $131.3 million net cash balance as evidence the company has the runway to execute its next phase without an immediate need to raise capital.

The clearest bright spot in the quarter was a 68% surge in international cannabis sales, which Canopy is leaning on as the foundation for a push into European medical cannabis markets. CEO Luc Mongeau described the period as the tail end of a deliberate reset — one that involved meaningful cost cuts and the MTL Cannabis acquisition — meant to sharpen the company's competitive position rather than chase near-term revenue. The explicit target coming out of those moves is positive adjusted EBITDA in FY2027.

What investors will be watching is whether the international growth rate holds and whether cost discipline actually converts into that EBITDA inflection. The gap between reported losses and estimates this quarter is wide enough to raise the bar on execution, meaning any slowdown in the international segment or unexpected costs from the MTL integration could push the profitability timeline further out.