Cronos Group Q2 revenue down 12% to $19M, withdraws FY2023 guidance; announces facility wind-down

Cronos Group Inc.

2023-Q2 EPS reported -$0.07 revenue$38,516,000

Q2 net revenue $19.0M (-12% YoY); net loss improved to $(5.7)M from $(17.5)M YoY.
Withdrew FY2023 net revenue target of $100-110M citing political unrest in Israel and competitive activity.
Operating expense savings target raised to $20-25M; planning wind-down of Cronos Fermentation facility by end of 2023.
Cash and short-term investments $841M; net cash decline for H2 2023 expected less than $5-10M (improved guidance).
Expects incremental $10-15M savings in 2024 from additional expense reductions and facility exit.

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 0.9

Cronos Group Inc. reported second quarter ended June 30, 2023 results: revenue $19.0 million, net income $(5.7) million. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: $19.0 million
Net income: $(5.7) million
Guidance: lowered
Result: reported results

Exact text from the filing

of investing activities and is defined as the sum of purchase of property, plant and equipment, and purchase of intangible assets. Second Quarter 2023 • Net revenue of $19.0 million in Q2 2023 decreased by $2.6 million from Q2 2022. The decrease was primarily due to lower cannabis flower sales in Israel due to competitive activity, the slowdown in patient

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Source: SEC EDGAR

accession 0001656472-23-000124

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