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Cresco Labs issued its financial results for the third quarter and nine month period ended on September 30.
Cresco Labs (CSE:CL) issued its financial results for the third quarter and nine month period ended on September 30.
As quoted in the press release:
Financial Results for the Third Quarter Ended September 30, 2018
Revenue for the third quarter of 2018 was [US]$12.2 million, an increase of 335 [percent] compared to revenue of [US]$2.8 million for the third quarter of 2017. The increase in revenue was driven by market expansion and gains in market share in the states where the Company operates. Third quarter revenue increased 51 [percent] compared to [US]$8.1 million for the second quarter of 2018.
On a pro forma basis, revenue for the third quarter was [US]$16.3 million compared to [US]$11.8 million for the second quarter of 2018, an increase of 39 [percent].
Third quarter gross profit, before the gain from biological assets, was [US]$5.4 million, or 45 [percent] of revenues, compared to less than [US]$0.1 million, or 1 [percent] of revenues, for the third quarter of 2017 and [US]$3.5 million, or 43 [percent] of revenues, for the second quarter of 2018.
Net income for the third quarter was $3.9 million, compared to net loss of [US]$0.2 million for the prior-year period. Net income nearly doubled from [US]$2.0 million for the second quarter of 2018.
Click here to read the full press release.
Source: www.businesswire.com