Cresco Labs Q4 Revenue and Profitability Slip
- Cresco Labs reported full year operating cash flow of $132 million, a significant increase of 126% from the prior year period.
- The company achieved record free cash flow, streamlined operations, and prioritized profitability in 2024.
- Management highlighted a focus on strategically deploying capital to drive growth and maximize returns in 2025.
- Cresco Labs expanded into the Kentucky market, positioning itself as one of only two Tier 3 cultivators with significant growth potential.
Record full year operating cash flow of $132 million, an increase of 126% from the prior year period
CHICAGO–(BUSINESS WIRE)– Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“ Cresco Labs ” or the “ Company ”), the industry leader in branded cannabis products with a portfolio of America’s most popular brands and the operator of Sunnyside dispensaries, today released its financial and operating results for the fourth quarter and year ended December 31, 2024. All financial information presented in this release is reported in accordance with U.S. GAAP and in U.S. dollars, unless otherwise indicated, and is available on the Company’s investor website, here.
Fiscal Year 2024 Highlights
Fourth Quarter 2024 Highlights
Management Commentary
In 2024, the team executed with discipline—streamlining operations, prioritizing profitability, and generating record free cash flow. With $132 million in operating cash flow, a leading brand position in our core markets, and retail productivity that outperforms the industry, our foundation is stronger than ever. In 2025, we’re extending our focus to strategically deploy capital to create growth and maximize returns for the years ahead. It’s a straightforward approach: execute at the highest level, generate cash, reinvest in high-ROI opportunities, and repeat.
Kentucky is our first of these new market expansions—a strategic addition backed by clear regulations. As one of only two Tier 3 cultivators, we have up to 25,000 square feet of canopy, representing more than 20% of the state’s total allocation. This allows us to scale efficiently, serve patients quickly, and reinvest in our operations—just as we have in Illinois, Pennsylvania, and Ohio. Congratulations to the Cresco team on a phenomenal 2024 and Let’s Go in 2025!
¹See “Non-GAAP Financial Measures” at the end of this press release for more information regarding the Company’s use of non-GAAP financial measures.
²According to BDSA.
Balance Sheet, Liquidity, and Other Financial Information
As of December 31, 2024, current assets were $294 million, including cash, cash equivalents, and restricted cash of $141 million. The Company had senior secured term loan debt, net of discount and issuance costs, of $352 million and a mortgage loan, net of discount and issuance costs of $18 million. On October 25, 2024, the Company repurchased $40 million principal amount of our Senior Loan and paid $0.3 million of accrued interest. There were no prepayment penalties or exit fees due on this repurchase. Total shares on a fully converted basis to Subordinate Voting Shares were 474,236,616 as of December 31, 2024.
Conference Call and Webcast
The Company will host a conference call and webcast to discuss its financial results on Wednesday, March 12, 2025, at 8:30am Eastern Time (7:30am Central Time). The conference call may be accessed via webcast or by dialing 1-833-470-1428 (US Toll Free) or 1-404-975-4839 (US Local), providing access code 680910. Archived access to the webcast will be available for one year on Cresco Labs’ investor website, here.
Original press release