Highest On Record - Cronos Group Reports 46% YoY Increase In Q2 Net Revenue

Cronos Group Inc. CRON CRON announced on Tuesday its 2024 second-quarter business results.

The company reported $27.8 million in net revenue during the quarter, representing a 46% year-over-year increase.

Mike Gorenstein, chairman, president and CEO of Cronos, said that's the "highest quarterly net revenue on record."

"The top line was propelled by 46% growth year-over-year in Canada, 27% growth year-over-year in Israel, growth in Germany and the initiation of sales in the United Kingdom," Gorenstein continued. "These results reflect the hard work and dedication of our entire team, reinforcing our confidence in sustained growth and success."

In the second quarter of 2023, the company exited its U.S. hemp-derived CBD operations, representing a strategic shift.

Read Also: Cronos’ New Cannabis Products To Help You Breeze Through Summer

Q2 2024 Financial Highlights

• Gross profit totaled $6.3 million, compared to $3.1 million in the same quarter of 2023.
• Operating loss amounted to $15.6 million, down from $20.6 million in the same quarter of last fiscal year.
• Net loss totaled $8.7 million, up from $8.5 million in the prior year's period.
• Adjusted EBITDA, a non-GAAP measure, came in negative at $11 million, representing a year-over-year improvement from an adjusted EBITDA loss of $15.9 million in the prior year's quarter.

Meanwhile, Cronos announced an expansion of Cronos Growing Company Inc. in June. The investment will be funded by an additional credit facility provided by Cronos and is intended to assist GrowCo's expansion of its purpose-built cannabis facility to address the increased global market demand for high-quality cannabis flower.

Read Next

• Cronos Cannabis Company Slashes Losses, Reports Highest Quarterly Net Revenue In Q1 2024

CRON Price Action

Cronos' shares traded 3.6% higher at $2.3 per share during the pre-market session on Thursday morning.