The Cronos Group posted a net loss of $2.4 million in the first three months of 2024, compared to $18 million in the first three months of 2022 (all figures in US dollars).
The company brought in $35.4 million, compared to $26.6 million in the same period in 2023, and owed $10 million in taxes compared to $7 million in Q1 2023.
Net revenue of $25.3 million in Q1 2024 increased by $5.8 million from the same period in 2023, which the company attributes to higher cannabis flower and extract sales in Canada and higher cannabis flower sales in Israel.
Of the $25.3 million in net revenue in the first quarter of 2024, $18.9 million was sales in Canada, while $6.4 million was in Israel. Cannabis flower was $17.5 million, while cannabis extracts were $7.7 million.
In May, Cronos also announced it had entered the United Kingdom medical cannabis market with its first shipment of flower under the Peace Naturals brand through its partner GROW Pharma.
The company ceased operations at its Winnipeg facility, Cronos Fermentation. The facility has been listed for sale since Q3 2023.
In Q1 2024, Cronos also released several new products into the Canadian market such as its new live resin vapes, several new edibles, a new cylindrical style pre-roll, as well as infused pre-rolls.
Throughout the first quarter of 2024, the Company expanded its brand and product portfolio in Canada.
Comprehensive loss attributable to Cronos Group was up from the same time in the previous year, though, from $16.8 million to $24.7 million.
Adjusted EBITDA was a $10.7 million loss in Q1 2024, declined from a $15.7 loss in Q1 2023 by $5.0 million.
“Cronos achieved its highest quarterly net revenue from continuing operations on record at $25.3 million, up 30% year-over-year,” said Mike Gorenstein, Chairman, President and CEO of Cronos.
“The top line was propelled by 31% growth year-over-year in Canada and 27% growth year-over-year in Israel. Cronos’ strong first quarter results are a testament to our global team’s commitment to excellence, innovation and their ability to adapt to changing market conditions.”
