Cresco Labs CEO Touts 10x Increase In Operating Cash Flow YoY As Cannabis Company Reports Q1 Results
Portfolio Pulse from Jelena Martinovic
Cresco Labs Inc. reported its Q1 2024 financial results, highlighting a 10x increase in operating cash flow year-over-year. The company maintained flat revenue at $184 million, improved its adjusted gross profit by 7%, and reduced adjusted SG&A expenses by 24%. Cresco also retained its No.1 market share in Illinois, Pennsylvania, and Massachusetts. CEO Charles Bachtell expressed optimism about potential federal rescheduling of cannabis.
May 15, 2024 | 1:25 pm
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Cresco Labs reported a significant 10x increase in operating cash flow year-over-year for Q1 2024, with flat revenue at $184 million and improved adjusted gross profit. The company also reduced its adjusted SG&A expenses by 24% and retained its No.1 market share in key states.
The significant increase in operating cash flow and improved profitability metrics are positive indicators for Cresco Labs. The company's ability to maintain its market share in key states and reduce expenses further strengthens its financial position. These factors are likely to have a positive short-term impact on the stock price.
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