Cronos Reduces Losses in First Quarter Thanks to Success in Israel and Cost-Cutting

Cronos showed a refreshing turnaround in its first quarter. Prior quarters exhibited frustrating repetition of revenue growth that failed to turn into profits and instead were matched with wider losses. Instead, first-quarter revenue nearly doubled over the prior year to $25 million, while gross margin flipped to a gain of 28% from a loss of 23% in last year’s quarter. Adjusted EBITDA losses were half that of last year, as a result.