Cronos Group writes down $24M of inventory in Q4 as price pressures persist – Cronos Group Inc. (NASDAQ:CRON)

Cronos Group (NASDAQ: CRON ) Q4 results :

Revenue: $7.3M (+70.5%).

Net income: $61.6M (+735.1%) (due to $118.8M gain on revaluation of derivative liabilities); EPS: $0.16 (+420.0%).

$24.0M inventory write-down, principally due to downward pressure on cannabis prices.

Non-GAAP EBITDA: ($51.9M) (-794.8%).

Cash flow ops: ($53.2M) (-390.7%).

Group facilities remain open during COVID-19.

Interim financial statements for Q1, Q2 and Q3 2019 will be restated. Revenue reduced by C$2.5M and C$5.1M, respectively, in Q1 and Q3.

Cronos Group EPS beats by $1.31, misses on revenue

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