Toronto-based Cronos Group Inc CRON CRON announced its 2023 third-quarter financial results on Wednesday.
Despite operational challenges, including a strategic exit from U.S. hemp-derived CBD operations and geopolitical unrest affecting its Israeli market, Cronos reported a gross profit of $4.0 million in Q3 2023, a 26% increase from the same period last year.
Mike Gorenstein, the company's chairman, president and CEO referred to their Q3 2023 financial metrics as "one of the best quarters in Cronos history."
Q3 2023 Financial Highlights
- The company reported a net revenue of $24.8 million in Q3 2023, increased by $4.4 million from Q3 2022.
- Net loss of $1.59 million in Q3 2023 represented a 95% improvement compared to the $33.1 million reported in the same quarter of 2022.
- Adjusted EBITDA for the quarter showed an improvement with a loss of $15.2 million, bettering by $3.3 million from the previous year.
- Gross profit of $4.0 million in Q3 2023 increased by $0.8 million from Q3 2022.
- Balance sheet reported $840 million in cash and short-term investments.
Gorenstein also provided some insight into operational results. "We achieved our highest net revenue for continuing operations on record at $24.8 million, up 22% year-over-year," he said. The top-line was propelled by 40% growth year-over-year in Canada, driven by strength in pre-rolls, flower and edibles," he said.
Cronos' CEO also highlighted strategic expansions, including recent launches in Germany and Canada.
Geopolitical Impact
"The positive results this quarter were overshadowed by the horrific and despicable events that took place in Israel, our second largest operating market," continued Gorenstein, as geopolitical unrest in Israel, its second-largest operating market, cast a shadow over the quarter.
Price Action
Cronos' shares were trading 1.85% higher at $1.925 per share at the time of this writing around 12 noon on Wednesday.
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