Cronos Group Inc. (NASDAQ:CRON) Q1 2024 Earnings Conference Call May 9, 2024 8:30 AM ET
Company Participants
Shayne Laidlaw - IR
Mike Gorenstein - Chairman, President & CEO
James Holm - CFO
Conference Call Participants
John Zamparo - CIBC
Matt Bottomley - Canaccord Genuity
Operator
Good morning. My name is Britney Morgan, and I will be your conference operator today. I would like to welcome everyone to Cronos Group's 2024 First Quarter Earnings Conference Call. Today's call is being recorded.
At this time, I would like to turn the call over to Shayne Laidlaw, Investor Relations. Please go ahead.
Shayne Laidlaw
Thank you, Britney, and thank you for joining us today to review Cronos' 2024 first quarter financial and business performance. Today, I'm joined by our Chairman, President and CEO, Mike Gorenstein; and our CFO, James Holm. Cronos issued a news release announcing our financial results this morning, which is filed on our EDGAR and SEDAR profile. This information and the prepared remarks will also be posted on our website under Investor Relations.
Before I turn the call over to Mike, let me remind you that we may make forward-looking statements and refer to non-GAAP financial measures during this call. These forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.
Factors that could cause actual results to differ materially from expectations are detailed in our earnings materials and our SEC filings that are available on our website, by which any forward-looking statements made during this call are qualified in their entirety.
Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in our earnings materials that are available on our website. Lastly, we will be making statements regarding market share information throughout this conference call, and unless otherwise stated, all market share data is provided by Hifyre. We will now make prepared remarks, and then we'll move to a question-and-answer session.
With that, I'll pass it over to Cronos' Chairman, President and CEO, Mike Gorenstein.
Mike Gorenstein
Thank you, Shayne, and good morning, everyone. Our year is off to a strong start, marked by 30% year-over-year revenue growth, fueled by market share gains in Canada and a rebound in sales in Israel. Gross margin improvement and operating expense reductions from fully realizing the savings we implemented in 2023 as we are well on our way to achieving incremental savings of $5 million to $10 million in 2024. The team's consistent and relentless focus on delivering top line growth while simultaneously driving operational efficiency has positioned Cronos for success in 2024 and beyond.