Cresco Labs Inc

OTCQX International:CRLBFUnited StatesView on Canadian Exchange

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• DJ U.S. Cannabis Dispensary Operator Cresco Labs Posts Narrower Loss As Revenue Dips -- MarketWatch, from 8:06AM ET on Wednesday May 15, 2024 by Dow Jones

  8:06AM ET on Wednesday May 15, 2024 by Dow Jones
  Companies Mentioned: CL
  
  Cresco Labs Inc. (CRLBF) said Wednesday its first-quarter loss narrowed to $2.06 million, from $27.8 million in the year-ago quarter. Excluding taxes, first-quarter net income totaled $16 million, the company said. Cresco Labs does not provide earnings per share figures. Revenue at the Chicago-based multi-state cannabis dispensary operator fell to $184.3 million from $194.2 million in the year-ago quarter. Cresco Labs matched the FactSet consensus estimate of $184.3 million for first-quarter revenue. Excluding the impact from strategic divestitures, first-quarter revenue was about flat, the company said. "The recently announced potential federal rescheduling will fundamentally change the future for cannabis and all of its stakeholders," Chief Executive Charles Bachtell said in a statement. He said Cresco Labs has maintained a "very strong performance across our retail and branded product business resulting in a 10x increase in operating cash flow year-over-year." Cresco Labs stock has risen by 49% so far in in 2024, ahead of the Nasdaq's gain of 10%.
  

• Cresco Labs Reports Continued Trend of Financial Improvement with First Quarter 2024 Financial Results, from 7:30AM ET on Wednesday May 15, 2024 by Business Wire

  7:30AM ET on Wednesday May 15, 2024 by Business Wire
  Companies Mentioned: CRLBF

  Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) ("Cresco Labs" or the "Company"), the industry leader in branded cannabis products with a portfolio of America's most popular brands and the operator of Sunnyside dispensaries, today released its financial and operating results for the first quarter ended March 31, 2024. All financial information presented in this release is reported in accordance with U.S. GAAP and in U.S. dollars, unless otherwise indicated, and is available on the Company's investor website, here.

• Press Release: Cresco Labs Reports Continued Trend of Financial Improvement with First Quarter 2024 Financial Results, from 7:30AM ET on Wednesday May 15, 2024 by Dow Jones

  7:30AM ET on Wednesday May 15, 2024 by Dow Jones
  Companies Mentioned: CL
  ------ --------- ------- EBITDA (Non-GAAP) $ 45,350 $ 47,401 $ 17,506 ------ --------- ------- Other income, net (856) (50) (959) Adjustments for acquisition and other non-core costs 4,470 4,434 5,671 Impairment loss -- 24 -- Share-based compensation 4,197 3,017 7,062 ------ --------- ------- Adjusted EBITDA (Non-GAAP) $ 53,161 $ 54,826 $ 29,280 ====== ========= ======= (1) Net (loss) income includes amounts attributable to non-controlling interests. Cresco Labs Inc. Unaudited Summarized Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2024, December 31, 2023 and March 31, 2023 For the Three Months Ended --------------------------------------- March 31, December 31, March 31, ($ in thousands) 2024 2023 2023 ----------------------- --------- -------------- ----------- Net cash provided by (used in) operating activities 36,471 $ (3,301) $ 3,270 Net cash (used in) provided by investing activities (5,677) 2,609 (20,668) Net cash used in financing activities (11,149) (3,782) (13,635) Effect of foreign currency exchange rate changes on cash and cash equivalents (13) (22) (25) ------- --------- ------- Net change in cash and cash equivalents and restricted cash $ 19,632 $ (4,496) $(31,058) ------- --------- ------- Cash and cash equivalents and restricted cash, beginning of period 108,520 113,016 121,510 ------- --------- ------- Cash and cash equivalents and restricted cash, end of period $128,152 $ 108,520 $ 90,452 ======= ========= ======= Cresco Labs Inc. Unaudited Reconciliation of Operating Cash Flow to Free Cash Flow (Non-GAAP) For the Three Months Ended March 31, 2024, December 31, 2023 and March 31, 2023 For the Three Months Ended ---------------------------------------- March 31, December 31, March 31, ($ in thousands) 2024 2023 2023 ----------------------- ----------- -------------- ----------- Net cash provided by (used in) operating activities $ 36,471 $ (3,301) $ 3,270 Purchases of property and equipment (3,782) (4,818) (20,546) Proceeds from tenant improvement allowances 478 1,147 437 ------ --------- ------- Free Cash Flow (Non-GAAP) $ 33,167 $ (6,972) $(16,839) ====== ========= =======
  

• Cresco Labs Reports Continued Trend of Financial Improvement with First Quarter 2024 Financial Results, from 7:30AM ET on Wednesday May 15, 2024 by Dow Jones

  7:30AM ET on Wednesday May 15, 2024 by Dow Jones
  Companies Mentioned: CL
  ------ --------- ------- EBITDA (Non-GAAP) $ 45,350 $ 47,401 $ 17,506 ------ --------- ------- Other income, net (856) (50) (959) Adjustments for acquisition and other non-core costs 4,470 4,434 5,671 Impairment loss -- 24 -- Share-based compensation 4,197 3,017 7,062 ------ --------- ------- Adjusted EBITDA (Non-GAAP) $ 53,161 $ 54,826 $ 29,280 ====== ========= ======= (1) Net (loss) income includes amounts attributable to non-controlling interests. Cresco Labs Inc. Unaudited Summarized Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2024, December 31, 2023 and March 31, 2023 For the Three Months Ended --------------------------------------- March 31, December 31, March 31, ($ in thousands) 2024 2023 2023 ----------------------- --------- -------------- ----------- Net cash provided by (used in) operating activities 36,471 $ (3,301) $ 3,270 Net cash (used in) provided by investing activities (5,677) 2,609 (20,668) Net cash used in financing activities (11,149) (3,782) (13,635) Effect of foreign currency exchange rate changes on cash and cash equivalents (13) (22) (25) ------- --------- ------- Net change in cash and cash equivalents and restricted cash $ 19,632 $ (4,496) $(31,058) ------- --------- ------- Cash and cash equivalents and restricted cash, beginning of period 108,520 113,016 121,510 ------- --------- ------- Cash and cash equivalents and restricted cash, end of period $128,152 $ 108,520 $ 90,452 ======= ========= ======= Cresco Labs Inc. Unaudited Reconciliation of Operating Cash Flow to Free Cash Flow (Non-GAAP) For the Three Months Ended March 31, 2024, December 31, 2023 and March 31, 2023 For the Three Months Ended ---------------------------------------- March 31, December 31, March 31, ($ in thousands) 2024 2023 2023 ----------------------- ----------- -------------- ----------- Net cash provided by (used in) operating activities $ 36,471 $ (3,301) $ 3,270 Purchases of property and equipment (3,782) (4,818) (20,546) Proceeds from tenant improvement allowances 478 1,147 437 ------ --------- ------- Free Cash Flow (Non-GAAP) $ 33,167 $ (6,972) $(16,839) ====== ========= =======