The following is a summary of the Cresco Labs Inc. (CRLBF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cresco Labs reported Q1 revenue of $184 million, unchanged from the previous year.

• The company improved its operating gross margin to 51.5%, up 580 basis points from Q1 2023 through cost-efficient practices throughout their supply chain.

• Year-on-year, adjusted SG&A was reduced to $51.7 million, showing effective cost management.

• Adjusted EBITDA reached a high of $53 million, making up 29% of the revenue and showing an increase of 82% from the previous year.

• Significant progress in cash flow was seen, with positive free cash flow reaching a tenfold increase from last year at $33 million.

Business Progress:

• In Florida, Cresco Labs successfully expanded its operations, doubling its market share in a year.

• Technological advances helped manage consumer behaviour, with platforms like Sunnyside.shop increasing average customer spend.

• The company created record-breaking numbers on the day of 420, with their advanced tech managing 19,000 online orders in a single day.

• Currently preparing to enter the adult-use cannabis market in Ohio, Florida, and Pennsylvania, expecting considerable yearly growth in 2025 and 2026.

• Strategic partnerships and equity licenses are being forged to advance wholesale growth, especially in communities so far under-served within the industry.

More details: Cresco Labs, Inc. IR

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