Cronos Cannabis Co. Reports 38% YOY Increase In Q3 Revenue, Boosts International Sales
Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) announced its 2024 third-quarter business results on Tuesday.
“Our results this quarter demonstrate that our long-term strategy is working,” said Mike Gorenstein, chairman, president and CEO. “With record net revenue and a disciplined approach to operating expenses, Cronos operates more efficiently and effectively than ever before, and we anticipate long-term margin improvement.”
Q3 2024 Financial Highlights
- Net revenue totaled $34.3 million, up by $9.5 million year-over-year, driven by higher cannabis flower and extract sales in Canada, Israel, and international markets, including Australia, Germany and the UK.
- Gross profit was $3.6 million, representing a slight decrease of $0.4 million, impacted by inventory-related adjustments from the Cronos GrowCo transaction.
- Net income totaled $7.3 million compared to a net loss of $1.6 million in …