Cresco Labs (OTCMKTS:CRLBF) earnings for the U.S. cannabis company’s second quarter of 2020 have CRLBF stock on the rise Friday. This comes after reporting revenue of $94.26 million. That easily beats out Wall Street’s revenue estimate of $76.75 million for the quarter.
Let’s take a closer look at the most recent Cresco Labs earnings report.
- Revenue for the quarter comes in 215.4% higher from $29.89 million in the same period of the year prior.
- Operating income of $18.93 million is a 336.2% increase year-over-year from $4.34 million.
- The Cresco Labs earnings report also has net loss coming in at $4.7 million.
- That’s a 19.9% wider net loss than the $3.92 million reported during the same time last year.
Charles Bachtell, co-founder and CEO of Cresco Labs, said the following in the earnings report.
“While Q2 continued to be about building, scaling and refining our operations in the largest and most important cannabis markets in the U.S., we are also beginning to see the fruits of our labor come to bear. We grew revenue in every single one of our U.S. markets sequentially by more than 30%, with the exception of Massachusetts, where adult use was halted for part of the quarter.”
Cresco Labs doesn’t include guidance in its current earnings report. This is likely due to the novel coronavirus. Many other companies are withholding outlooks during the pandemic.
CRLBF stock was up 2.3% as of Friday afternoon and is up 4.1% since the start of the year when markets closed on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.