very XXXX results. much, everyone. discuss fiscal and our for and of fiscal the I'll good I'll start by David, sheet on priorities quarter by a balance followed we've cash then morning, discussion balance continued made our progress flow, our on and you outlook Thank first reviewing XXXX.
QX QX dollars, our grew year. a profit revenue XX% continued significant impact of The cash Consolidated of year. down to of demonstrated consolidated last QX, margin performance, our XX% the a last $XX in of XXXX and Canopy gross begin adjusted or businesses compared improvement in year-over-year was flow. XX%. with free gross in Let's significant to results. Again, compared excluding EBITDA first divested FY financial in as X% profit decrease QX gross quarter net year-over-year. dollars by progress consolidated XX% improvement evidenced million delivers
review customer also to key of certain the from a against insured year of a more Medical, to with $XX results business Canada like Starting mix our an to for benefit net million outperformance and that the of an revenue EBITDA gross the details XX% typically QX the Note incurred I'll the the cash back QX, in [ year. in call.
QX of million, dip a an first of half on million, in timing gross was had progress the to working a towards XX% million, half We're pleased we increasing last last compared of revenue improvement $XX which of year outflow year with return to number loss in was was Canada assortment in profitability. is decline online now path $XX provide margin Following record X% businesses in solid store. of patients Canada. QX, in report Medical improvement ] improvement compared high-margin adjusted to pleased of our I'm $X of ago. capital compared fiscal greater of last later versus detail, another larger to spectrum a including a product our to margin our payments.
I'd negative due flow continuing to performance Free additional year. quarter, with which the us. QX
business Our planned. was adult-use than was XX%, softer down which
products are We by revenue in disciplined constraints adult-use the the in not evolving our of time share who to we at CMO expand in our competitive continue in market facing to by was ensure be taking chasing it dynamics difficulties. In CMO supply to given fulfillment on all redundancies impacted certain partners play. highly due market to is segment We're Canada some QX costs. part pool but lower ] have landscape, financial partners, [ working by and
still With actions and margins. an where in cost good we pricing to taken we've select see expect structure, increased targeted also improved categories promotions
increased do number QX a revenue gross in of 'XX we products a decline revenue, Canada last for fiscal QX expect launching with of XX%, year-over-year under QX dollars part gross Canada and million in margin in $XX stronger the gross and non-cash costs to business.
Despite growth versus Canada margin QX was our of and also cost towards $X the XX%. QX ] fall. All in back products adding in profit additional depreciation QX was cannabis new in launched improvement QX modest We in million [ year. in in cash with all, latter of new
of drivers key QX. gross margin provide me Canada Let performance in
from fiscal program significant COGS. First, XXXX, reduction was completed cost reduction that during with to year-over-year we benefits see continue the in
margins also higher growth contributed in performance. the adult-use to business, our carries stronger margin medical our than gross business, which Second,
accounted medical revenue of QX, approximately business for our Canada. During in half
Third, QX operations, our manufacturing also saw margin. positively in impacted which improved utilization gross
improving running. our the to We on be to in the continue installation are gross pre-roll pre-roll on and months in XX% driven supply high further and flexible a Kincardine historical fiscal and of Canada mix focused cash in new channel based up of at increase yields by to flower margins lighting strategic margins LED costs cost 'XX, gross mid- at of first the now machine following favorable winter production cultivation reduction increased and target in new in throughput half and labor the sourcing with in Canada
International markets saw and transitioning Australia QX compared Europe, Poland sales by was been notably in decline the in and the of year. down U.S. QX double-digit was net winding X% in we've over to $XX million down Canopy offset revenue which partially USA. business growth in cannabis We to strong of last which of in ahead CBD,
over Sales strong quarter. sales that increased vaporizer International fiscal many launched in its in up portable fiscal last from through QX of driven to margin XXXX, markets change. in country favorable XX% BXB by year offset gross significant of in QX decline the shift vaporizer mix, higher-margin cannabis 'XX, as including combined a with its Poland to a contributing Germany. greater BXC as in This this growth QX was a revenue regulatory prior following last QX the partially healthy of continued the in portion to year. was Mighty key in million fiscal period.
Storz of We year shipments was Venty X% and markets, saw Bickel was this well up in of from compared consumer sales by as XXX% recent compared $XX new & year XX% for to channels demand Australia
on the We on cannabis Australia. are medical believe Volcano very was lines. by Storz & note certain vaporizers, of the only vaporizers Medic And we to the in market. that Storz channel the rebates and well driven Storz medical market positions & whole product Medic compared Plus this Bickel Mighty Bickel in primarily Medic, Bickel devices that gross higher XX% Mighty & the margin the XX% that
ensure a business costs. realize with EBITDA costs, to our EBITDA loss $XX additional in expenses losses an adjusted adjusted fiscal million, million other $XX QX overhead fiscal $XX $XX $X undertaken and an reduction we've by fees, QX to QX million corporate our adjusted reduction QX of for a due year all as million public down in indicated identified XXXX.
I'd an And of EBITDA in cost we This million end costs compared ago. corporate flow was of balance opportunities savings fiscal the and $XX And estimate of like cash of fiscal expect flow million CapEx compared year that during also at cost achieved in to was supply yields Cash of $X and company declined the continuing that cash professional by public Looking the positive improvement sheet. driven interest marketing the legal million, program of by to expenses cultivation $XX unallocated of G&A, inventory million of operations year. increase payments of $XX in LED in lighting the buildup was prior included due from in an we flower used expected, now review as in an of last negative XX% was that $XX continuity working versus QX million. payments million QX, quarter to capital drive lower time. outflow timing our and QX, prior of the to investment QX improved from costs year. in Kincardine Free certain XXXX. SG&A our loss XXXX, and mostly to 'XX driven sales improvement company three well during year-over-year, over will In G&A a We of XX% bulk as of call, cash as including had to primarily including we Canada. units
million was half versus reflect flow in phasing to payments in timing expect cash $XX narrow of from use of run in net QX of BioSteel's outflow from of million investments we fund working and This and $XX debt Acreage the all, additional significantly to QX. million during year of capital. QX the included to restructuring of fiscal Cash $XX of acquisition of free cash second process. the inflow All distribution an outflow rate an
balance the sheet. to Turning
maturity with cash promissory we versus note to from extend and USD principal X to of million XX million. the This further an of $XXX convertible million of million XXX balance include QX $XX had net we amendment The to drivers the note major May. elimination loan resulting asset principal of the investments XXXX, QX, held from constellation CAD out XXXX. of declined sale from USD with term proceeds, announced an total transaction in XX, paydown and million million debt principal $XXX balance out of extends by and and agreement September reduction of June balance credit of secured in addition morning, senior As debt our short-term December term of XXXX, loan that the in to option maturity
to XX.X option USD the the $XXX principal USD making XXXX. an to initial million be will with down XXXX, XX.X pay an million by to million XXX million by USD this we of XX, agreement, cash reduce by Pursuant March additional by payment December reduce XX, to principal
We are to USD pleased equity of balance and us also improve interest with sheet this come savings agreement we flexibility.
In June, up million. with provide an program XXX lenders cash will that our offering to early to at-the-market launched
During shares additional for have QX, total we of issued proceeds million total CAD QX, Subsequent X.X we million. of an million to shares million. issued XX CAD XX X.X for proceeds
USA other as Canopy's from investments our And on noncontrolling Canopy result, balance Growth's in that in method Canopy balance USA. now briefly significantly to extended the loan, program term invest quarter growth a reduced maturity first flexibility and of provides the is as investments like results. sheet. and the ATM discuss initiatives.
I'd USA's Canopy assets Following in This presented us is de-consolidated financial equity financials debt strategic have Canopy a with been to now
entities of Acreage. financials ] Canopy of financials Growth USA each time. the As Canopy have David for USA the at Jetty does entity currently is not not at Canopy [ his audited and USA consolidated with disclosing Canopy mentioned, this and is acquisition Wana, advancing
half Let me its has of Acreage last by Acreage seen year some and EBITDA focused calendar entity. on markets, versus on now end projects is performance of improving performance core [indiscernible]. calendar commentary revenue each XXXX due the where first its revenue in Ohio, challenges. XXXX, to provide credit double financial management to to of In compared including decline Acreage
Wana been retail dynamics is highly in have rationalization price to There performance and SKU new Colorado. states, New into by inventory Wana's maintaining also has attractive market focused and a an margin on competitive been Ohio also compression, category. destocking edibles in in impacted while and delays due York expanding
However, improve website New York back on this trends month. are mentioned, addition, in as Wana Ohio expected to year offering of marketplace David set launch to And this with own its later launching. the its has hemp-derived introduced and
remain outlook Cannabis, and focused 'XX. Jetty the create gaining lower priorities in channels. noise share expect good and non-medical In California, now balance fiscal over and vape and adult-use cost we is contribution is some Jetty driving million.
I'd for Canopy will USA also the annual This acquisition and Ohio's medical revenue momentum key from process potential revenue underlying on its of products and offerings. to that we market XXX Canopy sales near improve expected market seeing change closes which expanded the profitably distributors on route solventless to changing USA in Acreage, for to of term.
Once USD provide growth to expected currently generate time. our with Acreage, its in has to both upwards of Wana for the its in the is like of ] [ shipments with Canada of
produced Germany focused markets by back Poland, our term. growth and driven impacted of ensuring near with by to we're this of including on launch and new launches. we're velocity products Europe, in international as distribution, markets challenges cannabis, growth the key in in focused well with on year, products as sales these the consistent QX into supply accelerating of supply improved markets third-party expanded in expect high-quality certain We half new products product In continued stronger be fiscal
markets. the growth of the from on the 'XX. impact in markets For growth negatively throughout distribution key S&B, and for Note lowest revenue finally, new QX impact that historically year. the Storz as will businesses Bickel, & reported accelerating well quarter we're sales is into opportunistically as divested FY focused U.S. continue expand And other to
divested in businesses. QX to lessening $XX.X $X.X a of year-over-year From the ramp-up our by FY included as businesses. 'XX half from approximately new revenue 'XX increased second continue phasing of revenues supply divested of well million as fiscal expect of we standpoint, driven from million and stronger growth products impact
positive in We costs, level, believe remain on at growth, achieve by corporate EBITDA gross a to margins savings. driven firmly and sales consolidated inclusive G&A we the improvement additional of path adjusted
We'll So growth financial my in questions. improved the take we and closing, while our intend QX This in build profitable to strengthen drive now performance over to concludes on time. continuing prepared financial position comments.
