Cresco Labs (CSE: CL) released its Q1 2022 financials, highlighting a quarterly revenue of $214.4 million. This is a decrease from Q4 2021’s $217.8 million but an increase from Q1 2021’s $178.4 million.
“While our 10-state footprint saw a cumulative sequential contraction of 4.5%, we held or took market share in most of our states and outperformed the markets with our 2% decline,” said CEO Charles Bachtell.
However, the firm still ended with a net loss of $23.7 million compared to the net losses of $11.9 million and $24.1 million last quarter and last year, respectively.
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Calibrating for financial items, adjusted EBITDA for the year ended at $50.7 million, a decrease from last quarter’s $57.0 million (which itself includes an adjustment for a $14.9 million impairment loss) but an increase from last year’s $35.0 million.
The firm ended Q1 2022 with $181.9 million in cash, cash equivalents, and restricted cash balance coming from a starting balance of $226.1 million at the beginning of the quarter. The cash burn is mainly due to spending in investing activities at $34.2 million.
Cresco Labs last traded at $5.00 on the CSE.
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