Cronos Group Further Delays Filings, Reduces Prior Revenue Figures By $7.6 Million
Cronos Group (TSX: CRON) (NASDAQ: CRON) announced this evening that further to it’s previous release, the company will be delaying the release of its fiscal 2019 financial results yet again, this time until March 30, 2020. Additionally, the company has indicated that previously released financials should no longer be relied upon.
Cronos Group identified that in connection with the previously released financials for the first, second, and third quarters of 2019 that the company will also be reducing previously released revenue figures as a result of several bulk resin purchases and wholesaling agreements. The purchases, which The Deep Dive has covered at length, have the net effect of reducing Cronos first quarter revenues by $2.5 million, bringing gross revenues to an estimated $4.4 million for the quarter.
Third quarter results have also been impacted to the tune of $5.1 million, reducing the firms third quarter results from a gross figure of $13.3 million to that of an estimated $8.2 million. Collectively, the firms 2019 revenue figures are expected to decline by at least $7.6 million based on preliminary data released by Cronos Group.
Cronos Group now expects to release its fiscal 2019 results by March 30, however the company again provided no guarantee on this occurring.
Cronos Group last traded at $5.96 on the Nasdaq.
Information for this analysis was found via Sedar and Cronos Group. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.