CRON - Cronos Group reports misses Q1 top and bottom consensus; updates FY23 outlook

2023-05-09 07:33:37 ET

• Cronos Group press release ( NASDAQ: CRON ): Q1 GAAP EPS of -$0.05 misses by $0.01 .
• Revenue of $20.14M (-19.5% Y/Y) misses by $4.28M .
• Adjusted EBITDA of $(16.8) million in Q1 2023 improved by $2.1 million from Q1 2022.

• Guidance and Outlook: Net revenue for full-year 2023 is expected to be between $100 to $110 million vs. consensus of $104.25M. Additionally, the Company is on track to achieve the high-end of the previously identified $10 to $20 million in operating expense savings for 2023, primarily driven by savings in sales and marketing, general and administrative, and research and development.

• Cronos anticipates that cash flow, defined as the net change in cash and cash equivalents, excluding the impact of the purchase or proceeds of short-term investments, for the last nine months of fiscal year 2023 will decline less than $25 million. The Company also expects that cash flow will be positive in 2024.

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