Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) released its 2023 fourth quarter and full-year business results Thursday with quarterly revenue of $23.9 million, up by $1.9 million from the same quarter of 2022.
"In 2023, we significantly improved our cash flow from operations driven primarily by operating expense savings, while simultaneously expanding our portfolio of borderless products in Canada and Israel and entering two international markets, Germany and Australia," stated Mike Gorenstein, chairman, president and CEO of Cronos."The operating expense savings combined with robust interest income and improved working capital management in the fourth quarter aided in increasing our cash balance by $22 million from the third quarter to a total cash and short-term investments balance of approximately $862 million."
After successfully expanding across Canada and Israel, Cronos entered new markets – Germany and Australia. Last year, the company exited U.S. ...