Cresco Labs Inc. today (March 13) released its financial and operating results for the fourth quarter and FY24. For the year, Cresco Labs reported:
- Revenue of $724 million, record operating cash flow of $132 million, and free cash flowof $114 million.
- Gross profit of $364 million. Adjusted gross profit of $374 million; and an adjusted gross margin of 52% of revenue, a 270 bps improvement year-over-year.
- SG&A of $221 million. Reduced Adjusted SG&A by 12% year-over-year to $212 million, or 29% of revenue.
- Net loss of $60 million which includes one-time, non-cash charges of $66 million, related to the company’s expected benefits from its updated 280E position, as initially described in the second quarter of 2024.
- Adjusted EBITDA1 of $200 million, up 15% year-over-year; and Adjusted EBITDA margin1 of 28%, a nearly 510 bps improvement year-over-year.
“In 2024, the team executed with discipline—streamlining operations, prioritizing profitability, and generating record free cash flow,” said Charlie Bachtell, Cresco Labs CEO and co-founder. “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!”
