All Cresco Labs' QI Financial Metrics Down Except SG&A

Image source


Cresco Labs Inc. (CRLBF), a constituent in the munKNEE American Cannabis MSO Stocks Index, has released its financial results for the first quarter (Q1) ended March 31, 2024, today, as follows:


Q1 Financial Highlights

(The information below compares Q1 2024 with Q4 2023 and all figures are in U.S. dollars.)

  • Net Revenue: DOWN 2.1% to $184.3M
  • Adj. Gross Profit: DOWN 4.8% to $94.9M
    • as a % of Net Revenue: DOWN to 51.5% from 53.0%
  • Adj. Sales, Gen. & Admin: Reduced 5.1% to $51.7M
    • as a % of Net Revenue: DOWN to 28.1% from 29.0%
  • Adj. EBITDA: DOWN 2.9% to 53.2%
    • as a % of Revenue: DOWN to 28.9% from 29.1%
  • Net Profit (Loss): DOWN to $(2.1)M from $4.9M
  • Cash on Hand: UP 15.1% to 124.9M

Cresco's reported Q1 profit/loss as a percentage of quarterly revenue compared with the other 6 constituents in the  munKNEE American Cannabis MSO Stocks Index, was, in descending order, as follows:

  1. Green Thumb (GTBIF):
    • Q1 profit as a % of Revenue: 11.3%
  2. Cresco Labs (CRLBF):
    • Q1 loss as a % of Revenue: (1.1)%
  3. Verano (VRNOF):
    • Q1 loss as a % of Revenue: (2.2)%
  4. Trulieve Cannabis (TCNNF):
    • Q1 loss as a % of Revenue: (7.7)%
  5. Ayr Wellness (AYRWF):
    • Q1 loss as a % of Revenue: (16.9)%
  6. Curaleaf (CURLF):
    • Q1 loss as a % of Revenue: (142.5)%
  7. TerrAscend (TSNDF):
    • Q1 loss as a % of Revenue: (184.9)%


Q1 Operating Highlights

  • Retained the No. 1 share position in Illinois, Pennsylvania and Massachusetts


Stock Performance

Despite the poor Q1 financial report Cresco's stock price is UP 2.5% as of mid-day but is still DOWN 1.9% from last Friday albeit UP 52.6% YTD.


More By This Author:

Organigram Q2 Financial Metrics Mixed
Largest Clinical-Stage BioTech Drug Stocks Declined 3% Last Week
Cronos Q1 Financial Metrics Show Improvement; Stock Climbs 3%

Disclosure: None

This article has been composed with the exclusive application of the human intelligence (HI) of the author. No artificial intelligence (AI) technology has been deployed. ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with