Cresco Labs Inc. (CRLBF), a constituent in the munKNEE American Cannabis MSO Stocks Index, released its financial results today for the third quarter ended September 30, 2023.
Q3 Financial Highlights
(The information below compares Q3 2023 with Q2 2023 and all figures are in U.S. dollars.)
Net Revenue: DOWN 3.7% to $190.6M
Gross Profit: UP 8% to $93.6M
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Gross Profit Margin: UP to 49.1% from 43.8%
Sales, Gen. & Admin: DOWN 11.5% to $62.5M
Adj. EBITDA: UP 21% to $49M
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as a % of Revenue: UP to 25.7% from 20.5%
Net Profit (Loss): UP 160.7% to $(113.4)M
Cash on Hand: UP 51.1% to $113M
Q3 Operating Highlights
Retained the No. 1 share position in Illinois, Pennsylvania and Massachusetts
Maintained the industry’s No. 1 bestselling portfolio of branded flower and branded concentrates and the No. 4 portfolio of branded vapes and branded edibles
Opened two stores in Florida, bringing the nationwide store count to 70
Management Commentary
Charles Bachtell, CEO, and Co-Founder, said:
“…Our disciplined execution of the “Year-of-the-Core” strategy positions us to effectively compete today, execute the upcoming growth catalysts existing within our underlying business, and be opportunistic as new market opportunities continue to present themselves. This is essential to creating the strongest, most valuable Cresco Labs possible.”
Stock Performance
Cresco’s stock price is UP 6.5% at mid-day despite the reported 160% increase in its Net Loss during Q3 (granted, its Adjusted EBITDA was UP 21%) but remains DOWN 5.7% YTD.More By This Author:The Cannabist Company’s Net Loss Increased 25% In Q3
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