Cronos restates Q2 2021 with $236M impairment; Q3 rev up 80% to $20.4M, adj EBITDA loss widens

Cronos Group Inc.

2021-FY EPS reported -$1.07 revenue$74,435,000

Restated Q2 2021 with $236.1M impairment on goodwill and intangibles in U.S. reporting unit; no cash impact.
Q3 2021 net revenue $20.4M (+80% YoY); gross profit improved to $(0.7)M from $(1.5)M.
Adjusted EBITDA loss $(46.8)M vs $(30.1)M; driven by $13.2M allowance for credit losses and higher R&D.
Strategic realignment targets $20-25M in operating expense savings in 2022.
Announced key appointments: Jeff Jacobson SVP Head of Growth and John Griese SVP Head of Operations (North America).

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