Cronos demonstrated significant revenue growth and market leadership in Canada and international markets, with strong financial performance. However, challenges such as flower supply shortages and geopolitical issues in Israel were noted. The overall sentiment of the call is positive, given the significant achievements outweighing the challenges.

Company Guidance

During the Cronos Group's third quarter 2024 earnings call, the company reported a consolidated net revenue of $34.3 million, marking a 38% increase from the prior year, with Cronos alone contributing $30 million and GrowCo $4.3 million. The adjusted gross profit stood at $10.7 million, equating to a 31% adjusted gross margin, reflecting a 15 percentage point improvement from the previous year. Adjusted EBITDA was negative $6 million, showing a $9.2 million improvement year-over-year. The company ended the quarter with $862 million in cash and cash equivalents, an increase of $14 million from Q2, primarily due to improved cash flow from operations. Significant growth was driven by higher cannabis flower and extract sales in Canada and Israel, and expansion into international markets such as Germany and the U.K. The strategic expansion of GrowCo, involving a $51 million credit facility, is expected to enhance production capacity, addressing the increased demand for high-quality flower products.

Record Revenue Growth

Cronos reported consolidated net revenue of $34.3 million, a 38% increase from the prior year period. This growth is attributed to higher cannabis flower and extract sales in Canada, Israel, and other international markets.

Market Leadership in Canada

Spinach became the #1 ranked cannabis brand in Canada with a 4.8% market share, supported by top rankings in edibles and flower categories. SOURZ by Spinach captured 17.2% of the edibles market share.

Strong Performance in International Markets

Cronos achieved record volumes and the best revenue quarter in two years in Israel. Successful expansion in Germany and the U.K. with PEACE NATURALS brand showing strong growth.

Improved Financial Metrics

Adjusted gross profit improved by $6.8 million, and adjusted gross margin improved by 15 percentage points year-over-year. Consolidated adjusted EBITDA improved by $9.2 million from the prior year period.

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Cronos Group (TSE:CRON) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:CRON Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 14, 2018	2018 (Q2)	- / 0.00	0	―	―	―
Nov 13, 2018	2018 (Q3)	- / -0.04	0.012	-475.00% (-0.05)	―	―
Mar 26, 2019	2018 (Q4)	- / -0.06	0.012	-662.50% (-0.08)	―	―
May 09, 2019	2019 (Q1)	- / 0.51	-0.012	4550.00% (+0.52)	―	―
Aug 08, 2019	2019 (Q2)	- / 0.24	0	―	―	―
Nov 12, 2019	2019 (Q3)	- / 0.58	-0.043	1436.67% (+0.62)	―	―
Mar 30, 2020	2019 (Q4)	- / 0.23	-0.065	455.56% (+0.30)	―	―
May 08, 2020	2020 (Q1)	- / 0.29	0.513	-43.82% (-0.22)	―	―
Aug 06, 2020	2020 (Q2)	- / -0.45	0.239	-286.75% (-0.69)	―	―
Nov 05, 2020	2020 (Q3)	- / 0.27	0.578	-52.62% (-0.30)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:CRON Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	C$2.71	C$3.15	+16.24%
Aug 08, 2024	C$3.06	C$3.16	+3.27%
May 09, 2024	C$3.57	C$3.90	+9.24%
Feb 29, 2024	C$3.04	C$2.84	-6.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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