Cronos Group Inc. (CRON) has reported its financial results for Q1 and they were less than impressive showing only slight improvement as outlined below:

Key Financial Highlights (All amounts are expressed in USDs, unless otherwise noted and are compared to the results achieved in Q4 of 2019) 

• Net Revenue: increased by 15% to $8.4M
  • U.S. Operations: -18%.
  • Rest of World Operations: +37%.
• Gross Profit: improved by 68% to a loss of $6,476M
  • U.S. Operations: -24%.
  • Rest of World Operations: +65%.
• Gross Margin: improved to a loss of 77% from a loss of 279%
  • U.S. Operations: decreased from 53% to 50%.
  • Rest of World Operations: improved from a loss of 472% to a loss of 121% .
• Adj. Operating Profit (Loss): improved by 28% to a loss of $40,653M
• Cash/Cash Equiv.: decreased 11% to $1,334.6M.

Key Operational Highlights

• launched cannabis vaporizer devices for the Canadian adult-use market under the COVE™ and Spinach™ brands.
• paused distribution of PEACE+™ hemp-derived CBD tinctures to evaluate other product formats and categories that might be more suitable for the PEACE+™ brand.
• began selling cannabis flower and extract products to cannabis control authorities in the Canadian provinces of Alberta, Manitoba, and Quebec.
• Cronos Australia announced the closing of a A$20.0 million initial public offering.
• completed its first test export of PEACE NATURALS™ branded cannabis oil products to Cronos Australia for distribution to the Australian medical market.
• began an operational redesign at the Peace Naturals Campus to better align the business with its strategic priorities.

Stock Price Performance

(Click on image to enlarge)