Cresco Labs Reports $215 Million Net Loss For 2022
Cresco Labs (CSE: CL) saw its revenues in 2022 increase 3% over the prior year. The firm this morning reported topline revenue for the full fiscal year of $842.7 million, an improvement over the $821.7 million reported last year.
For the fiscal fourth quarter, the company recorded revenue of $199.6 million, a decrease of 8% on a year over year basis, as well as a decline from the $210.5 million recorded in the third quarter. Gross profit as a percent of revenue continues to decline as well, coming in at 44.4% for Q4, versus 47.1% in the prior quarter and 50.5% in the year ago period.
Operating expenses meanwhile totaled $231.2 million, following Cresco taking a $140.7 impairment loss in relation to the closure of its California operations. For the fourth quarter, the firm posted an overall net loss of $179.9 million, versus a $11.9 million loss in the year ago period.
Results for the full fiscal year were no better, with the firm posting an overall gross profit of 48.4%, down from the 49.5% gross profit earned in 2021. Operating expenses declined from $623.7 million in 2021 to $491.3 million in 2022 as a result of the company taking a smaller impairment charge. Overall, Cresco posted a net loss of $215.1 million for 2022, while adjusted EBITDA reportedly came in at $173.6 million, compared to adjusted EBITDA of $194.0 million in the prior year.
The firms cash position meanwhile fell to $121.5 million.
The previously announced transaction with Columbia Care meanwhile has seen the outside date pushed to June 30, 2023.
Cresco Labs last traded at $2.38 on the CSE.
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