NASDAQ$CRON
Cronos Group Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Achieved record quarterly net revenue, driven by growth in Canada, Israel, Germany, and the United Kingdom.
Cronos Group reported a strong second quarter in 2024, achieving record net revenue of $27.8 million, a 46% increase year-over-year. This growth was driven by strong performance in Canada, Israel, Germany and the UK. The company is focused on quality and innovation, maintaining a strong balance sheet.
- Net revenue increased by 46% year-over-year to $27.8 million.
- Canada revenue increased by 46% and Israel Revenue increased by 27% year-over-year.
- Gross profit increased by $3.2 million from Q2 2023.
- Adjusted EBITDA improved by $4.9 million from Q2 2023.
Headline financials
Revenue & EPS history
Cronos · Revenue · Quarterly
$27.8M
Revenue by segment
Cronos · $20.1M total across 2 segments · Q1 2023
- Israel and Other$19.5M-14.1%96.8%
- Canada$649K-72.1%3.2%
Forward guidance
The Company reiterates its previously announced operating expense savings target of $5 to $10 million on a standalone basis in 2024. Due to the additional $51 million investment in Cronos GrowCo, we no longer anticipate that our net change in cash will be positive in 2024.
Tailwinds
- Operating expense savings target of $5 to $10 million on a standalone basis in 2024 primarily driven by savings in general and administrative, sales and marketing and research and development.
- Organizational and cost savings initiatives are intended to position the Company to drive profitable and sustainable growth over time.
- The investment to expand Cronos GrowCo's purpose-built cannabis facility will aid our ability to service existing markets
- The investment to expand Cronos GrowCo's purpose-built cannabis facility will potentially take advantage of additional growth opportunities.
- Cronos continues to monitor the conflict involving Israel, Hamas, Iran and other stakeholders in the region and the potential impacts the conflict could have on the Company’s personnel and business in Israel
Headwinds
- Operating expense savings target excludes the impact of the consolidation of Cronos GrowCo's results into the Company's financial statements.
- Due to the additional $51 million investment in Cronos GrowCo and resulting facility expansion, we no longer anticipate that our net change in cash, defined as the sum of cash and cash equivalents and short-term investments will be positive in 2024.
- Cronos continues to monitor the conflict involving Israel, Hamas, Iran and other stakeholders in the region (the "Middle East Conflict") and the potential impacts the conflict could have on the Company’s personnel and business in Israel and the recorded amounts of assets and liabilities related to the Company’s operations in Israel.
- The extent to which the Middle East Conflict may impact the Company’s personnel, business and activities will depend on future developments which remain highly uncertain and cannot be predicted.
- It is possible that the recorded amounts of assets and liabilities related to the Company’s operations in Israel could change materially in the near term.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
-1.8%
Avg return
Earnings day
-1.4%
Avg return
5 days after
+3.8%
Avg return
30 days after
34%
13 / 38 earnings
Positive
+35.6%
Q3 2020
Best reaction
-19.2%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +7.5% | +3.1% | +7.5% | |
| Q4 2025 | -3.6% | -6.1% | -9.7% | |
| Q3 2025 | +0.4% | +2.9% | +1.6% | |
| Q1 2025 | +8.2% | +10.3% | +7.0% | |
| Q4 2024 | +8.1% | +9.2% | -3.2% | |
| Q3 2024 | +10.2% | +2.0% | -0.5% | |
| Q2 2024 | -0.9% | +5.0% | -3.6% | |
| Q1 2024 | +7.4% | +13.6% | -5.8% | |
| Q4 2023 | -10.6% | -12.8% | +15.5% | |
| Q3 2023 | +4.2% | +6.3% | +11.1% | |
| Q2 2023 | -3.8% | -5.5% | +13.7% | |
| Q1 2023 | -5.5% | -13.1% | -14.6% | |
| Q4 2022 | +1.0% | +1.0% | -10.0% | |
| Q3 2022 | -10.1% | -1.0% | -6.2% | |
| Q2 2022 | -15.4% | -11.5% | -14.5% | |
| Q1 2022 | +5.3% | +15.5% | -0.4% | |
| Q4 2021 | -1.4% | -10.9% | +8.7% | |
| Q3 2021 | -11.1% | -12.1% | -4.7% | |
| Q2 2021 | -2.6% | -6.6% | -12.3% | |
| Q1 2021 | -4.3% | -6.0% | +13.0% | |
| Q4 2020 | +2.2% | -4.4% | -13.9% | |
| Q3 2020 | +35.6% | +31.2% | +55.8% | |
| Q2 2020 | -19.2% | -20.5% | -22.8% | |
| Q1 2020 | -5.7% | -13.4% | +18.1% | |
| Q4 2019 | -9.9% | +3.0% | +7.6% | |
| Q3 2019 | -10.1% | -22.3% | -9.7% | |
| Q2 2019 | -7.4% | -3.5% | -17.3% | |
| Q1 2019 | -0.4% | -1.4% | +3.1% | |
| Q4 2018 | -11.2% | -10.2% | -19.5% | |
| Q3 2018 | -3.9% | +1.3% | +34.7% | |
| Q2 2018 | +9.4% | +12.2% | +73.4% | |
| Q4 2017 | -8.5% | +4.1% | +18.1% | |
| Q1 2018 | -7.9% | -5.0% | +5.6% | |
| Q3 2017 | -7.2% | — | — | |
| Q2 2017 | +1.3% | — | — | |
| Q1 2017 | -5.1% | — | — | |
| Q4 2016 | -0.9% | — | — | |
| Q3 2016 | -1.6% | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — |
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