Cronos Q1 revenue up 99% YoY to $25M; net loss narrows; Gorenstein returns as CEO

Cronos Group Inc.

Consolidated net revenue $25.0M (+99% YoY); Israel net revenue $9.1M (+263% YoY).
Gross profit $6.9M (28% margin) vs -$3.0M in Q1 2021; net loss $32.7M vs $161.6M.
Adjusted EBITDA loss improved to $(18.9)M from $(36.6)M; cost savings target $20-25M in 2022.
Spinach brand held ~13% edible market share in Canada; gummy share ~17% in Q1 2022.
Founder Mike Gorenstein appointed Chairman, President and CEO in March 2022.

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