Cresco Labs Q4 Report Shows Major Improvement In Net Profit -

Cresco Labs Q4 Report Shows Major Improvement In Net Profit

Mar 18, 2024Jeremy ParkinsonFinance0

Cresco Labs Inc. (CRLBF), a constituent in the munKNEE American Cannabis MSO Stocks Index, released its financial results last week for the fourth quarter ended December 31, 2023, and they show considerable improvement in Adjusted EBITDA and a Net Profit turnaround.

Q4 Financial Highlights
(The information below compares Q4 2023 with Q3 2023 and all figures are in U.S. dollars.)

Net Revenue: DOWN 1.3% to $188.2M

Gross Profit: DOWN 1.6% to $92.1M

Gross Profit Margin: UP to 51.1% from 49.1%

Sales, Gen. & Admin: DOWN 9.1% to $56.8M

Adj. EBITDA: UP 11.8% to $54.8M

as a % of Revenue: UP to 29.1% from 25.7%

Net Profit (Loss): UP to $4.9M from $(113.4)M

Cash on Hand: DOWN 4.0% to $108.5M

Q4 Operating Highlights

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

Management Commentary
Charles Bachtell, CEO, and Co-Founder, said:

“I’m proud to share that our Q4 results capped off the Year of the Core with strong bottom-line growth and margin expansion, nearly doubling our Adjusted EBITDA and achieving positive free cash flow for the year…

Everything we did in 2023 was designed to prepare us to take advantage of the monumental opportunities ahead, including:

maximizing our upcoming adult-use catalysts,
capitalizing on our brands and winning with independents,
and expanding our retail to provide the consumer with the best cannabis experience possible.”

Stock Performance
Cresco’s stock price went DOWN 33.5% during Q4 but was UP by 15.6% the day before the release of the Q4 report. With the release of the favorable Q4 report the stock has jumped a further 34.0% and is now UP 40.0% YTD.More By This Author:Cannabis LPs Jumped 10% On Freaky Friday; Trading Volume Jumped 20%
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