04:17 PM EDT, 03/30/2020 (MT Newswires) -- Cronos Group (CRON.TO) fell 2% in aftermarket Nasdaq trading after the compny on Monday said its fourth-quarter operating loss widened on charges, even as the cannabis producer's revenue rose 71%.
The company said its operating loss fell to US$63.87 million from US$8.87 million in the year prior quarter. It did not disclose net loss figures. Revenue rose to US$7.31 million from US$4.29 million.
Cronos said the loss included a US$24 million writedown on inventory and US$22.1 million charge on the value of its marijuana plants as well as other writedowns.
The company said that following an audit committee review of of certain bulk resin purchases and sales of products through the wholesale channel", it has restated revenue for the first three quarters of the year, cutting first-quarter revenue by C$2.5 million and third-quarter revenue by C$5.1 million.
"As we move forward, we are committed to improving our internal controls and financial reporting practices, maintaining the highest standards of transparency and accountability, and enhancing our capabilities and resources across functions to support our strategy," chief executive Mike Gorenstein said in a release.
Cronos shares were last seen down US$0.13 to US$6.21 in aftermarket Nasdaq trading. The shares closed up C$0.20 to C$9.02 on the Toronto Stock Exchange.
Price: 9.02, Change: +0.20, Percent Change: +2.27