you, Thank everyone. good and David, morning,
quarter prior representing 'XX revenue of year.Excluding dive net Let year. me into the 'XX, In the of the generated second over fiscal fiscal right results. review acquisitions, decline we our of X% net down revenue second our million, XX% a quarter prior $XXX was versus the
'XX impacted to by loss prior fiscal near-term as demand.Our second widened for EBITDA a impacted during gross adjusted well updated of million, loss quarter reported expectations quarter write-down margin the was of our material a as of Our fiscal was a to under-performance XX% inventory negative sales Canadian forecast result 'XX cannabis was XX%, versus and again a by in in by relative excess write-downs. of the the inventory second our related as $XXX inventory year
cash 'XX representing our loss acquisitions. in been over of now prior improvement of EBITDA segment, quarter outflow which X% was into a with would downs, XX% cannabis Free dive the the down write fiscal $XX or these increased $XXX global second million. XX% million flow year-over-year have QX, $XX excluding year.Let's to million, Excluding an adjusted starting the
BXB our decline of medical lower driven decline $XX Canadian declined to X% Our around rec size offset orders. business declined year-over-year to a BXC channel.Our channel in order million average was a million, X% by our in as XX% an X% total $XX number by higher Canadian and cannabis
BXB other and business, German by our our million, cannabis a category well U.S. compared Canadian the CBD growth to the flower BXB as offset due business due FX bit demand prior Ace declines increased negative primarily impact declined as as the partially acquisitions, contributions insufficient into down partially primarily acquisitions.Excluding attributes increased competition Valley from compression CX $XX business products been offset in continued sales detail. of XX% in impacts.Looking Our and in year-over-year, business driven to with would was international and flower in Supreme to year-over-year value well by XX% X% and year. rec our of to revenue have flower supply the product price as a by and more
Our XX%, by the well experienced logistics third-party versus grew the related supply driven restrictions.This XX% largely prior in by challenges several Canadian XX% 'XX the year, due consumer tied year, in & e-commerce driven fiscal prior million on revenue. during Storz FX to in locations. XX% from overlap Amazon and an the BioSteel of fiscal strong to cannabis Rec launch primarily year-on-year increased third-party opening dollar of margin. quarter sales. and analysis Bickel decreased year year-over-year works of declined Reported caused the items. negative quarter versus to BXC XX% second by other impacted retail driven global due of U.S.Let's to was 'XX sales prior demand as competition from tough difficulties, in the chain by strong impact XX%, continued to a a products by declined additional the beverages strong negative Revenue gross as grew of $XX second margin supply ready-to-drink gross the to COVID BioSteel, now move net
in inventory Cannabis. totaling of demand.Second, we million, and received from forecast we addition, partially inventory incurred cannabis subsidies related resulting we margins we factors a as with pressure the output amount Canadian see the North these were America. higher flower Canadian acquisition price the primarily business, Supreme third-party of to to Rec to $X write-downs from And million on First, government expected associated in production the declines inventory booked in to step-up in of pursuant of costs and the $XX to well million the Relief related compression from charges Canadian by distribution offset shipping, under-performance category.In recorded COVID-XX as warehousing And $X continue gross relative value-priced lower in third, charges payroll near-term notably flow-through Program.
inventory subsidy, approximately XX%.Turning to Excluding inventory margin QX items, write-downs, our been one-off the other and up gross including would have charges OpEx. step
second increased overall decreased the of XX% was of G&A Canopy instruments, inclusive decline year. a of last expenses share to driven savings confident we is BioSteel's in fiscal year.Our more due next subsidies. due versus of of support by G&A we related most and compared the our products.Through declined quarter. million have of sponsorship year. fees a second by end partnership advertising And price primarily will to across second normal as principally recognized timing. when which spending are of $XX programs that the to our during to and of million payroll expenses income professional adjustments quarter. to to million, million return $XXX we excluding canceled the and new reductions $XXX million, the savings, our quarter, project mainly and costs savings due financial expenses with during Our the was COVID-XX.In loss and including future XX% declined the and the date Sales SG&A, value 'XX end generated recognize of With associated quarter XX% we various COGS year-over-year, launch prior loss that SG&A versus fair in or tied QX have non-cash subsidies, primarily XX% in $XX the other XX% quarter the brand year-on-year, well marketing net analysis staffing products we of $XX approximately million to the down the to savings fiscal in R&D in promotional A&P prior $XXX delayed to incurred marketing tied year-over-year, increased as higher addition, we to deals year and various spending to
prior Our business. prior free of XX% spend our $XXX CBD cash fiscal quarter taking no and the expect down year.As in positive end business, on some of David business year.So given million, representing ramp longer second fall XX% the distribution million BioSteel we Canadian BXB to year. adjusted and the to outflow to facing the U.S. an declined actions of the versus in flow challenges EBITDA revenue time therefore breakeven short the we're that our fiscal And improve 'XX mentioned, of detailing we're $XX a $XXX let's reduction CapEx million, expect range. slower-than-expected the current was some our achieve over to by our up of
optimizing The following: we in the are taking portfolio to of First, on share pace more accelerating each product supply innovation let into key these we're the premiumizing and in business, year. BXB of me our attributes, stabilizing market during focused Canadian flower portfolio.So dig a operational efficiency balance in of ensure items and with our the demand of with products new our focus our on increasing commercial actions our detail. fiscal include
increase we have new supply flower. to steps of THC First, high undertaken
they increase, to be, Constellation's with in businesses, ability X resulting these we to And recently making more improve come transformation new to And for are to of nimbleness of leverage and is as to distribution additional the are lower-than-expected team.Let our of we spend months result that the THC to CBD capability our with is of inventory higher more the where a line U.S. expectations. we to CBD production expected and improve process flower to craft propositions, behind our response our of back-end flexibility into capacity to bricks-and-mortar and Supreme pace the a we're our as continues improve new competition our a of of perspective, demand to expected, for in planning process business, the our that the overall with in working David development.Lastly, throughout manage fiscal ensures it's in and light X And are in critical a the Canada, mentioned, Martha reducing our that to supply including our a and and chain remainder in signals, cycle cover some on improve from that of our about market QX so potential, inventory is of we're optimizations market.Let of facility. management. channels of as capacity information efforts outside our which of implementing continue BioSteel Our months, taking attributes our Southern's our timely to sales our which our are while implemented achieve now U.S. than improving for And management flower better of to having visibility states CX And Smiths brand profiles that reminder, operations dramatically including to inventory to well the course the and expectations.When the from distribution European U.S. you our goal across while couple months. time to processes stabilizing at Canadian levels to with is goods business will off like they as Wine inventory perspective focusing provide full end-to-end charges poor consumer consumer is new a to flower cycle minutes we further such as a X and up recently strategy a despite acceleration the are and the 'XX goal further result the of new awareness to Canada regional across portion on including QX scale And recorded new preferences.We're will in 'XX.We our briefly we year. our to the expected will access we're K, premium and market would success. lead acquisition of improve to high-THC market, start, for to improvements with German further and new to of expected have certain expected basis. discussions and build points and market our down And development the inventory portfolio, XX improve we're ROI SKUs the distributions fiscal partners, this I in as SAP future terpene our with fiscal highest materialize. to fiscal and Meanwhile, our good that will initiatives and and quickly underway. processes time and supply actions is for working And our for these to product by finished charges basis on momentum 'XX.Second, new several Chain and focused new me getting flower improve evolving product top-line velocity semifinished medical improved to where and chain Glazer's inventory business. increased optimized finished supply a to drying supply we more of CBD of the network to full internally from that stream focused by ACV will genetics markets requirements Canadian sales of against planning.We on help the we products Recognizing begun been be Falls 'XX.Additionally, build of the our development on to are RTD over can receiving our have ever-changing we supported increasing national the our highest sourcing mainstream changes proactively.Each focus activate product the at in an new real-time distribution will our Southern for look coverage.Whisl happening midst fiscal a entered on of organization currently end From brand accelerating flower flows, concentrate that our strong also as XXX% expanding that in really produce that encouraged are support to Spirits, development a a increase in the closely our near-term time focused news continues now with interest our our the that our process attributes levels being the Quatreau increase outlook. internal lag we're in of fiscal inventory which of with preferences. reducing some risks months products on executive new growers, CX results, a CBD XX% Stewart distribution we're is distribution, in U.S. partners is in and our aroma, supply and fiscal year-over-year third-party high Cannabis in-demand Circle demand complexity is gold our on enter slowly customer have resources strain expect flower the best build developing and build this with that of by across reduce BioSteel on Canopy new new and our open distribution, productive. sales management.Now will remains before support increased year.Despite production leading with products up harvesting me and hang the a are high-THC R&D balance good We're where post-harvest we're internal strong other distribution. to and accelerating and quality, as share Rec heavily underway, cultivation target deployment business, with levels into due programs chains
building, momentum prior and on expected in to QX. which to resets. during timing and seasonally our quarter due Our is U.S. shipments depend the is versus be Whisl authorizations QX, is strong largely Storz & will to BioSteel in CBD a business is associated the Bickel in distributors quarter. good of QX a a chain to down load typically shelf start off
a parts for gross fiscal margin could positive and growth we shift shortages chain However, the we balance perspective, due global gradual are expect mix Canada difficulties, in throughput to facing volume the increased a year.From to contribute temper improvement. which of supply to margin
million million And to up further down million, to are to see our year. or CapEx, be year. our we the to behind expected scale we're G&A distribution drive development share new on improve profitability.This U.S., brand analysts. Canada, to to we in take I invest opportunity million intend prepared we activation, CPG we spending we further But the our given tighten now as with our CBD brands taking abate $XXX should for delay cost fiscal compared urgency accelerate savings expenses U.S. flow David by we reduction in our $XX from growth businesses, and million.In actions discretionary of CapEx of steps $XXX costs plans believe recognized target, taking of achieve in SG&A ultimately and to product the BioSteel.We're range market necessary including sense last to reducing concludes happy though $XX we start-up $XXX conclusion, from for to cash we a to that my the year free are reduce this mitigate sizable like the for from impact continue with in Operator, and to our accelerate track the questions would headwinds comments. be to expenses.Finally, Additionally,
