CRLBF - Cannabis Co. Cresco Nearly Doubles Adjusted EBITDA YoY To $54.8M In Q4 Narrows Loss In 2023 | Benzinga
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) announced its financial and operating results on Wednesday for the fourth quarter and year ended Dec. 31, 2023.
The Chicago-based cannabis giant behind Sunnyside dispensaries reported net revenues of $188.2 in the fourth quarter, decreasing from $199.6 million in the same quarter of last year. That's down 2% year-over-year.
Cresco also reported a net income of $4.9 million for the fourth quarter compared to a $180.6 million net loss in the prior year's period and $133.4 million in the prior quarter as well as achieving positive adjusted EBITDA of $54.8 million, up from $29.6 million in the prior year's period.
"I'm proud to share that our Q4 results capped off the Year of the Core with strong bottom-line growth and margin expansion, nearly doubling our Adjusted EBITDA and achieving positive free cash flow for the year," said Cresco CEO Charles Bachtell. "Everything we did in 2023 was designed to prepare us to take advantage of the monumental opportunities ...