Cresco Labs Posts $214.4 Million In Revenue, $23.7 Million Net Loss In Q1 2022

Cresco Labs (CSE: CL) released its Q1 2022 financials, highlighting a quarterly revenue of $214.4 million. This is a decrease from Q4 2021’s $217.8 million but an increase from Q1 2021’s $178.4 million.

“While our 10-state footprint saw a cumulative sequential contraction of 4.5%, we held or took market share in most of our states and outperformed the markets with our 2% decline,” said CEO Charles Bachtell.

However, the firm still ended with a net loss of $23.7 million compared to the net losses of $11.9 million and $24.1 million last quarter and last year, respectively.

Calibrating for financial items, adjusted EBITDA for the year ended at $50.7 million, a decrease from last quarter’s $57.0 million (which itself includes an adjustment for a $14.9 million impairment loss) but an increase from last year’s $35.0 million.

The firm ended Q1 2022 with $181.9 million in cash, cash equivalents, and restricted cash balance coming from a starting balance of $226.1 million at the beginning of the quarter. The cash burn is mainly due to spending in investing activities at $34.2 million.

Cresco Labs last traded at $5.00 on the CSE.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply