Canopy Growth Corp. (CGC) shares were down 2.6% Thursday to $45.06 after the Canadian cannabis company filed an amended third-quarter report, significantly widening its adjusted EBITDA loss.
The company said it had an adjusted EBITDA loss of $155,154,000 in the nine months ended Dec. 31, 2018, wider than its previous report of $69,006,000.
The company said the error was due to a formula error in the spreadsheet supporting the year-to-date EBITDA loss calculation. The adjusted EBITDA loss for the third quarter remains unchanged.
The cannabis company posted a oss of 38 cents a share in Canadian currency on revenue after excise taxes of C$83 million. In the same quarter a year ago, Canopy posted earnings of 1 cent a share in Canadian currency on restated revenue of C$22 million.
The company had been expected to post a loss of 13 cents a share on revenue of $61 million, based on a FactSet survey of five analysts.
The stock is down about 5% since it reported earnings on Feb. 14.