Cresco Labs Reports Slight Sequential Improvement In Q2, YoY Drop In Revenue And Gross Profit As Net Loss Grows
Portfolio Pulse from Jelena Martinovic
Cresco Labs reported a 2% sequential increase and 9.3% YoY drop in Q2 revenue to $198 million. Gross profit was $87 million, down from $112.8 million YoY. Net loss increased to $43.5 million, up from $8.3 million YoY. The company also announced the termination of a deal to acquire Columbia Care, with no penalties or fees related to the termination.
August 16, 2023 | 1:39 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The termination of the acquisition deal by Cresco Labs may impact Columbia Care's future growth plans.
The termination of the acquisition deal by Cresco Labs could impact Columbia Care's future growth and expansion plans. This could potentially affect the company's performance and stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Cresco Labs reported a YoY drop in revenue and gross profit, and an increase in net loss. The termination of the acquisition deal with Columbia Care may also impact the company's future growth plans.
The reported YoY drop in revenue and gross profit, along with the increased net loss, indicate a challenging financial situation for Cresco Labs. The termination of the acquisition deal with Columbia Care could also impact the company's expansion plans, potentially affecting its future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100