achieve morning, much, to review profitability our of the my on near-term and third perspectives good everyone. quarter on you a to very comments David, I and results, we're actions plan focus taking outlook. Thank
let's So with of review third quarter our results. a start
Our of business. is revenue recreational offset by by our start stabilization point with of X% our to softness led businesses, U.S. revenue sequential in Canadian a growth growth, which results QX strong
of we the X% million, revenue generated over CADXXX year. representing QX, prior During net decline an
acquisitions, prior declined XX% Excluding year. our net versus the revenue
timing greater in X%, representing a gross cash And to margin million, of Our due margin of which improved million, outflow free loss to a CADXXX in QX reported EBITDA XX%. QX Adjusted by versus X% outflow CADXX prior XX% the working partly versus QX gross our flow in and was the an year. of capital. was last amounted year, adjusted was
deeper dive with third XX%. cannabis starting revenue let's the cannabis XX% decreased global in and excluding Global Now the down sales of quarter, year-over-year impact into acquisitions, performance the segment. was
XX% sales. our declined the business recreational revenue BXB XX% in Canadian total due mainly declines by following: driven declined to flower year-over-year Our
to continued ongoing by well flower high-potency price supply limited in single-strain value-priced products. category as be flower flower the Our of as the compression sales impacted
to come starting strong we're flower Now the single-strain reception, with news hitting good months. we products is market see and into in additional expect the supply new market coming the to
competition. year, prior in largely versus by driven the Our recreational BXC cannabis decreased sales which XX% QX increased was
sales cannabis number medical were order Canadian was size by offset down X% orders. Our lower as average higher of a
cannabis business XX% takes puts versus grew other a U.S. had year. CBD the and and business our the during prior few We international quarter. Our by
into benefited We resulting more medical from also a million offset in flower business Israel was that bulk CX and This CADX of flower revenue. market by increased from sale our generated German competition. than declines in approximately
QX lapping vaporizers. of XXX% a record year-over-year, VOLCANO for year revenue distribution was powdered ready-to-drink which new Turning limited-edition by this its the strong quarterly U.S. year-over-year mixes. products. to year-over-year the the year. sales prior well X% Storz & consumer international strong higher product And its was increasing Bickel consumer BioSteel versus X% sales. net as increasing XX% the also strong posted revenue of ready-to-drink other had declined as to well revenue, as gains MIGHTY+ driven due as record demand beverages quarterly to prior in due and increased beverage of
now to Reported margin gross X%. gross was move in let's margins. QX Now
price excludes of to our CADX QX pressure margin the gross well strategic on margin to rec to the impact was business, we and following: adjusted Our margin CADX charge step-up changes gross from flower XX%, the compression from related Canadian was further category. Supreme inventory in notably in inventory write-downs the production acquisition as Gross by First, from impacted lower charge resulting the see in business. the which value-priced million of million as continue output
also industry scale by facing the as are the pursuant CX including chain program. relief amount subsidies fixed COVID-XX businesses, margin. facing. as costs, that the of decreased that we from our And revenue government CADX in We're offset higher-margin payroll was freight overall experiencing These currently Canadian impacted many products as up of of contribution third, supply we cost. are negatively Second, also under-absorption as received U.S. higher were our well CBD BioSteel, such still in million gross factors to partially our
continued in and XX% expenses professional staffing expenses, demonstrating G&A Now the discipline, as our prior expenses versus turning overall to due SG&A of subsidies. year. primarily in XX%, to operating the QX fees benefit decreased declined as well payroll reductions
versus to payroll year. XX% approach benefit, QX Sales R&D focused declined declined investments. the expenses to versus subsidy the marketing marketing compared year. our increased U.S. due brand. behind marketing expenses expenses in and and increased due R&D more year, higher acquisition expenses our XX% The when to BioSteel G&A to prior XX% investments primarily last a Supreme year-over-year, disciplined to CBD also prior and Excluding the sales principally and
free to flow. Now turning cash
revenue can long-term well currently generating. operations support of CADXXX previously paid higher XX% this savings we announced fiscal operation footprint the increase underway cost million cash of position of as business to we the free an CADXX We've generated our COGS SG&A. as an year. I'd optimistic realities need of our made adapt flow during prospects base the million, we've today. And step outflow to as Through third and quarter end remain year timing the significant the both over about a to like of that now was profitability. and from across to a the organization, efforts while to Our succeed, built of this already reflects ago program. than which our realizing to interest used Taking take cost declined compared cost the well a which to increased to working and as significantly represents approximately recognize speak from in year. industry improve structure CADX rightsizing in XX% savings our as we to million, progress back, a capital. down we savings opportunity increase 'XX, that in prior the The just QX prior was QX of we're CapEx Canopy's cash
our payroll are additional Our and subsidy R&D decreased year the million combined fiscal sales this or excluding have is expenses X% expenses acquisition. benefit, SG&A with marketing, came and CADXX the when XX% that inclusive year-to-date, to 'XX G&A expenses in Supreme ago. even lower and year-to-date And by compared of down a
and continue and us savings achieve Canadian profitability not shift these preferences being market to low to Canada. in regulations, remains the structure challenged are said, cost to for by entry that onerous as barriers Now consumer enough
a to businesses simplifying So expenses further our of soon underway to is optimizing in to revenue, is finalize profitability achieve profitability our and and our path operational our as key component well and possible. work as near-term necessary plans expense Canada
details more Let structure. expense offer our on a me bit SG&A
of around made of and to advertising areas core continue expenses our these being selling brands in and including XX% growth Whisl. emerging in XX% Stewart Martha total We've making sales the marketing overhead. sales against promotional portion in decisions in of approximately investments sizable strategic expenses. X/X These marketing account markets. in strategic spending, our and spent and currently marketing a BioSteel, and With deliberate Our Quatreau comprised these investments for investments U.S., and CBD,
have our marketing XX% account expenses. a retail and We total carry of marketing These and our overhead corporate-owned stores selling nearly Canada. portion our of significant for expenses in that also spending selling
Now plan strategic Canada, with we're market a retailers. focusing to see more advertising where on potential high in payoff, is but investments make game win in for where ground severely targeted the to more we restricted, to way. like And continue we a
clinical a benefit. And to Now R&D, that focus our invest tighten our in further term. near-term strategy to and has near is turn we've shifted tangible when areas our plan see long-term you trials and to where R&D core we R&D we already away focus the in payoff to from commercial
our functions these expenses, support. into level spending digging costs, We've quickly legal the IT, that company biggest built are finance, a would scale sophisticated our and regulations. with G&A of require an public of of revenues areas Now expectation some and
more means or and to which additional aspirations, our mindset, our opportunities up However, more simplify to while generate further until resources, a our catches being with reclaim G&A identifying savings. growth processes entrepreneurial to scrap beer need we with structure our nimble also
So to structure base ensure areas such key THC strategy. that you overall is our we as that steps can in while we our measurable are our larger projections, profitable growth strategic near-term expense as see, revenue than can Canada, investing built for for recognizing a be in taking U.S.
do premium XX. expect of be elevated stabilizing likely has our begin expect year-over-year caused Europe, So we top We I in provide declines perspective, perspectives note growing store like sales staff outlook. to COVID-related flower to to basis to sales absences, as now line a on on market. retail by on and From some of in which the Canada, and had our moderate we would retail business, and that near-term down closures we to mainstream a January inventory recreational German current to as segments business This well replenishment Canada present as competition a CX could recreational share business due headwind closed Canadian orders. our In medical modestly in Canadian as negative potentially impact on our the sell-through in well of our as on the divestiture BXC BXB increased focus quarter. a
CX reminder, revenue net generated QX a year. As million of of nearly last CADXX in
the Our be of the to boosted quarter sell-in expected is U.S. year-over-year lapped modestly year's as that beverages. sales business we Quatreau last were CBD in current up by
BioSteel benefit to revenue to product continue from retail additional authorizations and We resulting load-in. expect
monitoring year-over-year supply current demand consumer CX as chain. recent present while expected Storz headwind. our to basis From margin high-margin the divestiture we're margin a can during global on to from sales we growth the benefit continues expect a a business standpoint, quarter brand gross modest of be for For the strong Bickel, closely & innovation
out. throughput should CBD a contribute in though and mix U.S. we from volume to improvement, as businesses. watch up to gross Canada price costs the remains headwinds gradual positive in to And increased a abate key begin start-up compression expect We and scale CPG shift margin our
to we this of range expect costs we're CADXXX and million. be watching. the of facility CADXX supply from is fiscal term year million, now be construction the offset related and in So is could million the that of new which elimination range 'XX full chain-related And The down projects increase CapEx CADXXX prior near the CapEx for certain planning to our CX. to by continued of in closely decline primarily the of deferral CADXX to CapEx finally, the in to million a due in
now With the it's of our been complete, sale CX from removed budget.
path line growth in we David annual have Canopy around from and top allow actions taking and share prepared Kelsey, to I to continuing Canada We profitability conclusion, we my key concludes make This expect questions areas. we we're happy accelerate our additional comments. drive complete to plan will to So execution, will improved underway. investments be profitability planning strategic once that in details growth to while achieve our also in take analysts.
