CRON - Cronos shares rise on Canadian cannabis market powered Q2 earnings beat

Cronos Group (NASDAQ:CRON) shares rise more than 2% premarket after the company reported second-quarter results that beat Wall Street estimates, primarily driven by continued growth in the adult-use Canadian cannabis market. Quarterly revenue increased 58% to $15.62M, beating analysts estimates by $0.4M. The increase year-over-year was primarily driven by continued growth in the adult-use cannabis flower market in Canada and sales in the Israeli medical cannabis market, the company said. The company reported gross loss of $16.4M in Q2 2021 increased by $12.9M from Q2 2020, primarily driven by an increase in inventory write-downs. Adjusted EBITDA loss of $32.6M in Q2 2021 increased by $14M from Q2 2020. Capital expenditures of $2.1M in Q2 2021 decreased by $6.5M from Q2 2020. Separately, the company announced the appointment of Bob Madore as its Chief Financial Officer. Previously (Aug. 6): Cronos Group EPS beats by $0.22, beats on revenue.

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Cronos shares rise on Canadian cannabis market powered Q2 earnings beat