Cronos Group reports Q3 EPS 0c, consensus (2c)

Reports Q3 revenue $24.8M, consensus $19.99M. “By most financial metrics, Q3 2023 was one of the best quarters in Cronos history,” said Mike Gorenstein, Chairman, President and CEO, Cronos. “We achieved our highest net revenue for continuing operations on record at $24.8 million, up 22% year-over-year. The top-line was propelled by 40% growth year-over-year in Canada, driven by strength in pre-rolls, flower and edibles. This robust success in Canada was driven primarily by innovations in our Spinach brand, and with the Lord Jones brand now also on the market, we are excited about having a broader portfolio of unique and differentiated products to address consumer needs. Our re-launch in Germany with the Peace Naturals medical cannabis brand is an exciting step for Cronos to move beyond its existing markets. And just last month, we signed an agreement to ship to Australia. Opening new avenues for growth with operational discipline is our primary focus. Beyond top-line growth initiatives, our teams have done a great job reducing costs across the Company and improving the gross margin profile of the business, which yielded significant improvements in cash flow. The positive results this quarter were overshadowed by the horrific and despicable events that took place in Israel, our second largest operating market,” continued Mr. Gorenstein. “Our thoughts remain with all victims, their loved ones, and all Israelis as they fight to be free from terror today and in the future. Cronos continues to prioritize the safety of our Israeli team members and their families, and we will do everything we can to support them and our patients during this time.”