Cronos Group (CRON.TO) traded 5.4% higher at last look Thursday in Nasdaq pre-market trading as the company's fourth-quarter earnings beat analyst forecasts.
The cannabinoid company posted an attributable net income of US$43.7 million, or US$0.11 per share, exceeding the consensus GAAP EPS estimate of a loss of US$0.01 compiled by FactSet.
Cronos' earnings are an improvement from a loss of US$44.8 million, or a loss of US$0.12 per share, reported in the previous year.
Net revenue increased 27% to US$30.3 million. The adjusted EBITDA loss narrowed to US$7.2 million from a loss of US$14.8 million. The company said it achieved US$8.7 million in operating expense savings in 2024 on a standalone basis, meeting its target of US$5 million to $10 million.
Cronos said its savings were primarily driven by lower expenses in general and administrative, research and development and sales and marketing.
"Our unwavering commitment to innovation, quality, and disciplined cost management has solidified our leadership in the global cannabis industry," said Mike Gorenstein, Cronos' chairman, president and CEO.
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