Cronos Q4 2022 Revenue Declines 11% YoY, What About Net Loss?

Zinger Key Points
  • Consolidated net revenue increased 23% in full year 2022 compared to full year 2021.
  • Ended 2022 with $878 million in cash and short-term investments.

Cronos Group Inc. CRON CRON net revenue in 2022 was $91.9 million, a 23% increase compared to $74.4 million in 2021.

Q4 2022 Financial Highlights

  • Net revenue of $22.9 million, an 11% decrease compared to $25.8 million in Q4 2021.

  • Gross loss was $234,000, compared to a gross profit of $1.9 million in Q4 2021.

  • Adjusted EBITDA was a loss of $21.2 million in Q4 2022 improved by $6.1 million from Q4 2021.

  • Net loss was $78.9 million, a 41% decrease compared to a loss of $133.9 million in Q4 2021.

  • Cash and cash equivalents at the end of the period were $764,644.

Full-Year 2022 Financial Highlights

  • Gross profit was $12.0 million, a 168% increase compared to a gross loss of $17.5 million in 2021.

  • Gross margin was 13% compared to a negative gross margin of 24% in 2021.

  • Adjusted EBITDA was a loss of $80.6 million compared to a loss of $160.4 million in 2021.

  • Net loss was $168.7 million, a 58% decrease compared to a loss of $397.2 million in 2021.

“2022 was a transformative year for Cronos in which we executed a business realignment, including a cost savings program, while staying laser focused on continuing to build our portfolio of borderless products,” stated Mike Gorenstein, chairman, president and CEO of Cronos. “We exceeded our originally stated goal by saving $28.7 million in operating expenses in 2022, to right-size our cost structure to be more adaptable to the changing landscape we face globally in the cannabis industry. A significant amount of work went into building the Spinach brand and creating the right products for it, which culminated in the brand achieving the number one market share in the Canadian edibles category in January 2023.”

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