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Dec 31, 2024
Cronos Q4 2024 Earnings Report
Cronos exceeded objectives with strong growth, improved margins, and operational excellence.
Key Takeaways
Cronos Group reported a 27% increase in net revenue for Q4 2024, reaching $30.3 million, driven by strong performance in the Canadian and Israeli markets. The company's strategic investments and brand leadership have positioned it for continued growth in the global cannabis industry.
Net revenue increased by 27% year-over-year to $30.3 million.
Spinach® maintained its position as the number one flower brand in Canada.
PEACE NATURALS® was the number one flower brand in Israel with 24% market share.
Adjusted EBITDA improved by $7.6 million to $(7.2) million compared to Q4 2023.
Cronos
Cronos
Forward Guidance
The Company achieved $8.7 million in operating expense savings in 2024 on a standalone basis, meeting its previously announced operating expense savings target of $5 to $10 million.
Positive Outlook
- Achieved $8.7 million in operating expense savings in 2024.
- Savings were primarily driven by lower expenses in general and administrative.
- Savings were also driven by lower research and development expenses.
- Savings were also driven by lower sales and marketing expenses.
- The operating expense savings exclude the impact of the consolidation of Cronos GrowCo's results into the Company's financial statements.