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Side-by-side financial comparison of Canopy Growth Corp (CGC) and System1, Inc. (SST). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $51.9M, roughly 1.0× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -84.0%, a 58.1% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -31.3%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -21.8%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
CGC vs SST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $51.9M |
| Net Profit | $-45.7M | $-13.5M |
| Gross Margin | 28.8% | 41.0% |
| Operating Margin | -35.3% | -33.6% |
| Net Margin | -84.0% | -26.0% |
| Revenue YoY | -0.3% | -31.3% |
| Net Profit YoY | 48.6% | 4.8% |
| EPS (diluted) | — | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $48.7M | $61.6M | ||
| Q2 25 | $52.7M | $78.1M | ||
| Q1 25 | $47.5M | $74.5M | ||
| Q4 24 | $54.6M | $75.6M | ||
| Q3 24 | $46.0M | $88.8M | ||
| Q2 24 | $48.3M | $94.6M | ||
| Q1 24 | $53.1M | $84.9M |
| Q4 25 | $-45.7M | $-13.5M | ||
| Q3 25 | $-1.2M | $-18.5M | ||
| Q2 25 | $-30.3M | $-17.5M | ||
| Q1 25 | — | $-15.9M | ||
| Q4 24 | $-89.0M | $-14.2M | ||
| Q3 24 | $-93.7M | $-23.6M | ||
| Q2 24 | $-92.8M | $-26.4M | ||
| Q1 24 | — | $-10.5M |
| Q4 25 | 28.8% | 41.0% | ||
| Q3 25 | 32.8% | 36.9% | ||
| Q2 25 | 25.0% | 35.7% | ||
| Q1 25 | 16.2% | 38.2% | ||
| Q4 24 | 32.2% | 42.1% | ||
| Q3 24 | 34.7% | 28.0% | ||
| Q2 24 | 34.8% | 27.6% | ||
| Q1 24 | 21.3% | 21.9% |
| Q4 25 | -35.3% | -33.6% | ||
| Q3 25 | -25.3% | -25.3% | ||
| Q2 25 | -31.4% | -20.4% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | -31.9% | -15.7% | ||
| Q3 24 | -72.9% | -24.6% | ||
| Q2 24 | -44.0% | -30.8% | ||
| Q1 24 | — | -30.4% |
| Q4 25 | -84.0% | -26.0% | ||
| Q3 25 | -2.5% | -30.1% | ||
| Q2 25 | -57.6% | -22.4% | ||
| Q1 25 | — | -21.3% | ||
| Q4 24 | -163.0% | -18.7% | ||
| Q3 24 | -203.7% | -26.6% | ||
| Q2 24 | -192.0% | -27.9% | ||
| Q1 24 | — | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | — | $-2.30 | ||
| Q2 25 | — | $-2.23 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | — | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| Q1 24 | — | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $553.5M | $30.5M |
| Total Assets | $807.5M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $86.9M | ||
| Q3 25 | $217.6M | $54.6M | ||
| Q2 25 | $104.8M | $63.6M | ||
| Q1 25 | $96.0M | $43.9M | ||
| Q4 24 | $130.2M | $63.6M | ||
| Q3 24 | $168.8M | $69.1M | ||
| Q2 24 | $142.3M | $75.7M | ||
| Q1 24 | $148.5M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $553.5M | $30.5M | ||
| Q3 25 | $537.3M | $42.7M | ||
| Q2 25 | $357.0M | $58.2M | ||
| Q1 25 | $355.7M | $67.2M | ||
| Q4 24 | $431.8M | $80.3M | ||
| Q3 24 | $372.1M | $90.3M | ||
| Q2 24 | $389.0M | $109.4M | ||
| Q1 24 | $365.3M | $131.7M |
| Q4 25 | $807.5M | $405.0M | ||
| Q3 25 | $781.0M | $385.2M | ||
| Q2 25 | $660.4M | $429.2M | ||
| Q1 25 | $669.9M | $419.2M | ||
| Q4 24 | $849.9M | $459.1M | ||
| Q3 24 | $899.6M | $479.3M | ||
| Q2 24 | $938.9M | $511.3M | ||
| Q1 24 | $949.2M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | — | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-10.6M | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | $-7.5M | $24.5M | ||
| Q1 25 | $-121.0M | $-15.9M | ||
| Q4 24 | — | $772.0K | ||
| Q3 24 | — | $-5.0K | ||
| Q2 24 | $-37.8M | $10.0M | ||
| Q1 24 | $-205.8M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-8.5M | — | ||
| Q1 25 | $-128.9M | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | $-40.7M | — | ||
| Q1 24 | $-208.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -16.1% | — | ||
| Q1 25 | -271.5% | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | -84.1% | — | ||
| Q1 24 | -392.1% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | 1.8% | 0.0% | ||
| Q1 25 | 16.6% | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | 5.9% | 0.0% | ||
| Q1 24 | 4.7% | 0.0% |
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% |
SST
Segment breakdown not available.
