Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) announced its Q4 2022 business results today for the period ending December 30th, 2022. All financial information is provided in U.S. dollars in comparison to the preceding quarter.

Q4 Financial Highlights

• Net Revenue:+9.6% to $22.9M 
  • U.S.: +80% to 0.9M
  • *RoW: +7.8% to $22.0M
• Cost of Sales: +16.7% to $23.1M
• Gross Profit (S): declined to $(0.2)M from $1.2M
• Gross Margin (%): declined to (1)% from 28%
• Net Loss: +113.8% to $(78.9)M
• Adj. **EBITDA: -2.3% to $(21.2)M
• Cash on Hand: +20.7% to $764.6M

*RoW- Rest of World; **EBITDA - Earnings Before Interest Taxes Depreciation Amortization

Q4 Operational Highlights

• According to Hifyre data, Spinach^® edibles held an approximate 15.9% market share in the edibles category in Canada (approximately 20.9% within the gummy category). Furthermore, five SOURZ by Spinach^® gummies ranked in the top-10 of all Canadian SKUs by market share.
• The Company expanded its rare cannabinoid edible line-up under the Spinach FEELZ™ brand, with the introduction of a new CBC gummy, Spinach FEELZ™ Mango Lime 1:3 THC + CBC. These gummies are the first CBC gummy product in Canada and the first to feature a 1:3 ratio of THC to CBC.
• Spinach^® rose to be the number six vape brand, capturing 4.8% market share according to Hifyre data.
• improved its pre-roll and flower portfolio under the Spinach^® brand with the launch of 2 high potency strains in Canada. 

Management Commentary

Mike Gorenstein, Chairman, President, and CEO, said:

“... Looking forward to 2023, we are excited about our product and innovation pipelines across categories and we look forward to bringing differentiated products to market that elevate the consumer experience.”

Stock Performance

Cronos Group's stock price declined by 15.2% during the Q4 period (October through December) and has declined a further 16.7% since then (as of February 24th) and is down another 1.9% as of mid-day today.

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