Cronos Q1 revenue $20.1M (-20% YoY); gross margin 12%; targets cash flow positive 2024

Cronos Group Inc.

2024-Q1 EPS reported -$0.05 revenue$20,144,000

Net revenue $20.1M, down 20% YoY; gross margin 12% vs 28%; net loss $(19.3)M improved from $(32.7)M.
Canada net revenue +6% YoY (constant currency +14%); Spinach® top-10 in flower, edible, vape, pre-roll.
Cash & short-term investments $836M; no debt; targeting positive cash flow in 2024.
FY2023 revenue guidance $100-110M; expects ~$30M interest income for remainder of year; on track for $10-20M cost savings.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Cronos Group Inc. updated its its first quarter ended March 31, 2023 guidance (reaffirmed).

Period: its first quarter ended March 31, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On May 9, 2023, Cronos Group Inc. (the “Company”) issued a press release announcing its financial results for its first quarter ended March 31, 2023.

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Cronos Group Inc. filing history →

Source: SEC EDGAR

accession 0001656472-23-000065

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