Cresco Labs Reports Record Cash Flow in 2024

Cresco Labs OTC ( (CRLBF) ) has released its Q4 earnings. Here is a breakdown of the information Cresco Labs OTC presented to its investors.

Cresco Labs Inc. is a leading company in the cannabis industry, known for its branded cannabis products and operation of Sunnyside dispensaries across the United States. The company focuses on cultivation, production, and distribution of cannabis products, while also engaging in legislative and regulatory initiatives to professionalize the industry.

In its latest earnings report for the fiscal year 2024, Cresco Labs announced a record operating cash flow of $132 million, marking a 126% increase from the previous year. The company also reported a revenue of $724 million and a gross profit of $364 million, with an adjusted gross margin of 52%.

Key financial highlights include a reduction in adjusted SG&A expenses by 12% year-over-year, resulting in $212 million, and an adjusted EBITDA of $200 million, which represents a 15% increase from the previous year. Despite a net loss of $60 million due to one-time non-cash charges, Cresco Labs maintained its leading market position in Illinois, Pennsylvania, and Massachusetts.

Looking forward, Cresco Labs plans to strategically deploy capital to foster growth and maximize returns. The company is expanding into new markets, such as Kentucky, where it aims to efficiently scale operations and serve patients quickly. Cresco Labs’ management remains committed to executing at high levels, generating cash, and reinvesting in high-return opportunities.