Cronos Q2 Net Revenue Declines 11.9% YoY, Provides Outlook
Portfolio Pulse from Vuk Zdinjak
Cronos Group Inc. reported Q2 2023 net revenue of $19.0 million, a decrease of 11.9% YoY, primarily due to lower cannabis flower sales in Israel and an adverse price/mix in the Canadian cannabis flower category. The company also announced the discontinuation of net revenue guidance and withdrawal of its net revenue target for full-year 2023. Cronos plans to wind down the Cronos Fermentation facility in Winnipeg, Canada, and expects to capture an incremental $10 to $15 million in full-year savings in 2024.
August 08, 2023 | 12:47 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Cronos Group's Q2 2023 results show a decrease in net revenue, and the company has discontinued its net revenue guidance. This, along with the planned wind-down of a facility, could impact investor confidence.
Cronos Group's Q2 2023 results show a decrease in net revenue, which is a negative indicator for the company's performance. The discontinuation of net revenue guidance could lead to uncertainty among investors, potentially impacting the stock price. The planned wind-down of the Cronos Fermentation facility could also impact the company's operations and future earnings.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100