CRON - Cronos Group GAAP EPS of -$0.01 beats by $0.02 net revenue of $19.02M

2023-08-08 07:48:08 ET

• Cronos Group press release ( NASDAQ: CRON ): Q2 GAAP EPS of -$0.01 beats by $0.02 .
• Net Revenue of $19.02M (-11.9% Y/Y).
• Net revenue of $19.0 million in Q2 2023 decreased by $2.6 million from Q2 2022. The decrease was primarily due to lower cannabis flower sales in Israel due to competitive activity, the slowdown in patient permit authorizations and political unrest, and an adverse price/mix in the Canadian cannabis flower category driving increased excise tax payments as a percent of revenue. Furthermore, the weakened Canadian dollar and Israeli shekel against the U.S. dollar during the current period adversely impacted results.
• The Company has decided to discontinue providing net revenue guidance and to withdraw our previously announced net revenue target of $100 to $110 million for full-year 2023.

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