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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $35.2M, roughly 1.5× Voyager Technologies, Inc.). Canopy Growth Corp runs the higher net margin — -84.0% vs -130.4%, a 46.3% gap on every dollar of revenue. On growth, Voyager Technologies, Inc. posted the faster year-over-year revenue change (2.1% vs -0.3%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
CGC vs VOYG — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $35.2M |
| Net Profit | $-45.7M | $-45.9M |
| Gross Margin | 28.8% | -4.4% |
| Operating Margin | -35.3% | — |
| Net Margin | -84.0% | -130.4% |
| Revenue YoY | -0.3% | 2.1% |
| Net Profit YoY | 48.6% | -64.5% |
| EPS (diluted) | — | $-0.75 |
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.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $54.4M | $46.7M | ||
| Q3 25 | $48.7M | $39.6M | ||
| Q2 25 | $52.7M | $45.7M | ||
| Q1 25 | $47.5M | — | ||
| Q4 24 | $54.6M | — | ||
| Q3 24 | $46.0M | — | ||
| Q2 24 | $48.3M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $-45.7M | $-33.0M | ||
| Q3 25 | $-1.2M | $-16.3M | ||
| Q2 25 | $-30.3M | $-31.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | $-89.0M | — | ||
| Q3 24 | $-93.7M | — | ||
| Q2 24 | $-92.8M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | 28.8% | 21.4% | ||
| Q3 25 | 32.8% | 15.4% | ||
| Q2 25 | 25.0% | 18.0% | ||
| Q1 25 | 16.2% | — | ||
| Q4 24 | 32.2% | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 34.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | -35.3% | — | ||
| Q3 25 | -25.3% | -60.7% | ||
| Q2 25 | -31.4% | -52.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | -31.9% | — | ||
| Q3 24 | -72.9% | — | ||
| Q2 24 | -44.0% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | -84.0% | -70.7% | ||
| Q3 25 | -2.5% | -41.1% | ||
| Q2 25 | -57.6% | -68.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | -163.0% | — | ||
| Q3 24 | -203.7% | — | ||
| Q2 24 | -192.0% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-1.23 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $404.5M |
| Total Assets | $807.5M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $271.1M | $491.3M | ||
| Q3 25 | $217.6M | $413.3M | ||
| Q2 25 | $104.8M | $468.9M | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $130.2M | — | ||
| Q3 24 | $168.8M | — | ||
| Q2 24 | $142.3M | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $553.5M | — | ||
| Q3 25 | $537.3M | $590.9M | ||
| Q2 25 | $357.0M | $554.7M | ||
| Q1 25 | $355.7M | — | ||
| Q4 24 | $431.8M | — | ||
| Q3 24 | $372.1M | — | ||
| Q2 24 | $389.0M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $807.5M | — | ||
| Q3 25 | $781.0M | $727.8M | ||
| Q2 25 | $660.4M | $685.3M | ||
| Q1 25 | $669.9M | — | ||
| Q4 24 | $849.9M | — | ||
| Q3 24 | $899.6M | — | ||
| Q2 24 | $938.9M | — |
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 | — | $-39.7M |
| Free Cash FlowOCF − Capex | — | $-66.8M |
| FCF MarginFCF / Revenue | — | -189.5% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | — | $-60.9M | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | $-7.5M | $-30.9M | ||
| Q1 25 | $-121.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-37.8M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | — | $-54.5M | ||
| Q3 25 | — | $-53.8M | ||
| Q2 25 | $-8.5M | $-88.8M | ||
| Q1 25 | $-128.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-40.7M | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | — | -116.9% | ||
| Q3 25 | — | -135.8% | ||
| Q2 25 | -16.1% | -194.4% | ||
| Q1 25 | -271.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -84.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 97.8% | ||
| Q2 25 | 1.8% | 126.7% | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.9% | — |
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% |
VOYG
Segment breakdown not available.
