Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) posted third-quarter net revenue of CA$12.7 million ($9.6 million) Tuesday, up by 238% from CA$3.8 million in the same quarter of 2018.
The company reported an adjusted EBITDA loss of CA$23.93 million versus an adjusted EBITDA loss of CA$3.2 million in the third quarter of 2018.
Cronos notched nearly CA$788 million in net income in the third quarter versus a net loss of CA$7.27 million in the same period one year ago.
Cronos Group disclosed quarterly basic earnings per share of CA$2.33 and diluted earnings per share of CA$0.53 compared to a loss per basic and diluted share of CA$0.04 in the same quarter of last year.
“As demonstrated by our progress in the third quarter, we are making great strides to advance the development and diversity of our portfolio and to expand our manufacturing capabilities,” CEO Mike Gorenstein said in a statement.
“We are confident that our platform strategy and focus on consumer driven innovation will continue to differentiate Cronos Group and drive growth and value creation over the long-term.”
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Cronos issued an update on recent business developments, including the finalization of the acquisition of four operating subsidies of Redwood Holding Group that gave Cronos control of the Lord Jones CBD brand, which has recently launched several new products.
The company announced the launch of PEACE+, a new hemp-derived CBD brand in the U.S.
At the end of October, Cronos Group finalized its Cronos Australia IPO, after which the company remained to hold around 31% of the issued capital of Cronos Australia.
Cronos' U.S.-listed shares were trading 2.6% higher at $8.29 at the time of publication.
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