Cannabis Co. Cresco Lab's Q2 Gross Profit Increases Over 9% YoY, Reports Nearly 7% Drop In Revenue
Portfolio Pulse from Jelena Martinovic
Cresco Labs Inc. reported its Q2 2024 financial results, showing a 9% YoY increase in gross profit but a nearly 7% drop in revenue. The company achieved $184.3 million in net revenues and $94.8 million in gross profit. Despite a net loss of $51.2 million, Cresco's shares rose 2.80% to $1.48 per share.
August 08, 2024 | 3:56 pm
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Cresco Labs Inc. reported a 9% YoY increase in gross profit but a nearly 7% drop in revenue for Q2 2024. Despite a net loss of $51.2 million, the company's shares rose 2.80% to $1.48 per share.
The increase in gross profit and positive adjusted EBITDA indicate operational improvements, which likely contributed to the 2.80% rise in share price despite the drop in revenue and net loss.
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