Cannabis Co. Cresco Nearly Doubles Adjusted EBITDA YoY To $54.8M In Q4, Narrows Loss In 2023
Portfolio Pulse from Jelena Martinovic
Cresco Labs Inc. reported its Q4 and FY 2023 financial results, showing a nearly doubled adjusted EBITDA of $54.8M in Q4 and a narrowed net loss for the year. Despite a slight decrease in net revenues year-over-year, the company achieved positive net income and significant improvements in gross profit and operating income. Cresco's shares saw an 8.3333% increase to $1.69 per share following the announcement.
March 13, 2024 | 2:59 pm
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Cresco Labs Inc. reported a nearly doubled adjusted EBITDA in Q4 and a narrowed net loss for FY 2023, with shares rising 8.3333% to $1.69.
The positive financial results, including nearly doubled adjusted EBITDA and a significant reduction in net loss, indicate strong operational performance and financial health. This, combined with the immediate positive reaction in stock price, suggests a bullish short-term outlook for Cresco Labs' shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100