Cronos Group Inc. (NASDAQ: CRON) (TSX:CRON), released its 2023 first quarter business results, revealing net revenue of $20.1 million, a decrease of 19.5% compared to $25 million in Q1 2022.
Q1 2023 Financial Highlights
Gross profit of $2.4 million in Q1 2023, a decrease of 65.6% compared to $6.9 million in Q1 2022.
Gross profit margin of 11.8% compared to 27.7% in Q1 2022.
Net loss was $19.3 million compared to net loss of $32.7 million in Q1 2022.
Adjusted EBITDA of $(16.8) million in Q1 2023 improved by $2.1 million from Q1 2022.
“I am encouraged by our results across categories in Canada as we are defending our leading position in edibles and climbing market share ranks in other critical product categories,” stated Mike Gorenstein, chairman, president and CEO, Cronos. “We intend to build off the …