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Side-by-side financial comparison of Canopy Growth Corp (CGC) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $32.9M, roughly 1.7× FTC Solar, Inc.). Canopy Growth Corp runs the higher net margin — -84.0% vs -110.7%, a 26.7% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -0.3%). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
CGC vs FTCI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $32.9M |
| Net Profit | $-45.7M | $-36.4M |
| Gross Margin | 28.8% | 14.9% |
| Operating Margin | -35.3% | -17.2% |
| Net Margin | -84.0% | -110.7% |
| Revenue YoY | -0.3% | 148.9% |
| Net Profit YoY | 48.6% | -197.4% |
| EPS (diluted) | — | $-2.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $54.4M | $32.9M | ||
| Q3 25 | $48.7M | $26.0M | ||
| Q2 25 | $52.7M | $20.0M | ||
| Q1 25 | $47.5M | $20.8M | ||
| Q4 24 | $54.6M | $13.2M | ||
| Q3 24 | $46.0M | $10.1M | ||
| Q2 24 | $48.3M | $11.4M | ||
| Q1 24 | $53.1M | $12.6M |
| Q4 25 | $-45.7M | $-36.4M | ||
| Q3 25 | $-1.2M | $-23.9M | ||
| Q2 25 | $-30.3M | $-15.4M | ||
| Q1 25 | — | $-3.8M | ||
| Q4 24 | $-89.0M | $-12.2M | ||
| Q3 24 | $-93.7M | $-15.4M | ||
| Q2 24 | $-92.8M | $-12.2M | ||
| Q1 24 | — | $-8.8M |
| Q4 25 | 28.8% | 14.9% | ||
| Q3 25 | 32.8% | 6.1% | ||
| Q2 25 | 25.0% | -19.6% | ||
| Q1 25 | 16.2% | -16.6% | ||
| Q4 24 | 32.2% | -29.1% | ||
| Q3 24 | 34.7% | -42.5% | ||
| Q2 24 | 34.8% | -20.5% | ||
| Q1 24 | 21.3% | -16.7% |
| Q4 25 | -35.3% | -17.2% | ||
| Q3 25 | -25.3% | -29.6% | ||
| Q2 25 | -31.4% | -57.5% | ||
| Q1 25 | — | -50.8% | ||
| Q4 24 | -31.9% | -101.7% | ||
| Q3 24 | -72.9% | -147.8% | ||
| Q2 24 | -44.0% | -104.3% | ||
| Q1 24 | — | -99.3% |
| Q4 25 | -84.0% | -110.7% | ||
| Q3 25 | -2.5% | -92.0% | ||
| Q2 25 | -57.6% | -77.2% | ||
| Q1 25 | — | -18.4% | ||
| Q4 24 | -163.0% | -92.7% | ||
| Q3 24 | -203.7% | -151.5% | ||
| Q2 24 | -192.0% | -107.1% | ||
| Q1 24 | — | -69.7% |
| Q4 25 | — | $-2.31 | ||
| Q3 25 | — | $-1.61 | ||
| Q2 25 | — | $-1.18 | ||
| Q1 25 | — | $-0.58 | ||
| Q4 24 | — | $-0.95 | ||
| Q3 24 | — | $-1.21 | ||
| Q2 24 | — | $-0.97 | ||
| Q1 24 | — | $-0.70 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $271.1M | $21.1M |
| Total DebtLower is stronger | — | $9.9M |
| Stockholders' EquityBook value | $553.5M | $-43.0M |
| Total Assets | $807.5M | $111.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $21.1M | ||
| Q3 25 | $217.6M | $24.4M | ||
| Q2 25 | $104.8M | $3.5M | ||
| Q1 25 | $96.0M | $5.9M | ||
| Q4 24 | $130.2M | $11.2M | ||
| Q3 24 | $168.8M | $8.3M | ||
| Q2 24 | $142.3M | $10.8M | ||
| Q1 24 | $148.5M | $14.0M |
| Q4 25 | — | $9.9M | ||
| Q3 25 | — | $16.6M | ||
| Q2 25 | — | $10.9M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $9.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $553.5M | $-43.0M | ||
| Q3 25 | $537.3M | $-13.7M | ||
| Q2 25 | $357.0M | $9.0M | ||
| Q1 25 | $355.7M | $15.5M | ||
| Q4 24 | $431.8M | $19.0M | ||
| Q3 24 | $372.1M | $30.4M | ||
| Q2 24 | $389.0M | $44.2M | ||
| Q1 24 | $365.3M | $55.2M |
| Q4 25 | $807.5M | $111.8M | ||
| Q3 25 | $781.0M | $111.5M | ||
| Q2 25 | $660.4M | $83.0M | ||
| Q1 25 | $669.9M | $84.1M | ||
| Q4 24 | $849.9M | $89.9M | ||
| Q3 24 | $899.6M | $91.7M | ||
| Q2 24 | $938.9M | $100.3M | ||
| Q1 24 | $949.2M | $115.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.4M |
| FCF MarginFCF / Revenue | — | -25.7% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-14.6M | ||
| Q2 25 | $-7.5M | $-2.3M | ||
| Q1 25 | $-121.0M | $-8.5M | ||
| Q4 24 | — | $-16.7M | ||
| Q3 24 | — | $-2.4M | ||
| Q2 24 | $-37.8M | $-3.8M | ||
| Q1 24 | $-205.8M | $-11.9M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | $-8.5M | $-2.5M | ||
| Q1 25 | $-128.9M | $-8.6M | ||
| Q4 24 | — | $-17.0M | ||
| Q3 24 | — | $-2.6M | ||
| Q2 24 | $-40.7M | $-4.5M | ||
| Q1 24 | $-208.3M | $-12.3M |
| Q4 25 | — | -25.7% | ||
| Q3 25 | — | -57.9% | ||
| Q2 25 | -16.1% | -12.4% | ||
| Q1 25 | -271.5% | -41.2% | ||
| Q4 24 | — | -128.6% | ||
| Q3 24 | — | -25.6% | ||
| Q2 24 | -84.1% | -39.2% | ||
| Q1 24 | -392.1% | -97.6% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | 1.8% | 0.9% | ||
| Q1 25 | 16.6% | 0.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | 5.9% | 6.1% | ||
| Q1 24 | 4.7% | 3.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
