08:11 AM EDT, 03/13/2024 (MT Newswires) -- Cresco Labs Inc. ( CRLBF ) , with a portfolio of cannabis brands and the operator of Sunnyside dispensaries, said Wednesday that it swung to fourth-quarter net income of US$4.9 million from a loss of US$180.6 million a year earlier.

Five analysts surveyed by Capital IQ expected a loss of US$7.2 million.

Revenue for the quarter ended Dec. 31, 2023, was US$188.2 million, down from US$199.6 million a year earlier.

Analysts polled by Capital IQ expected US$181.6 million.

Adjusted EBITDA for Q4 was US$54.8 million, up from US$29.6 million a year ago.

As of Dec. 31, 2023, current assets were US$278 million, including cash, cash equivalents, and restricted cash of US$109 million.

The company's shares gained nearly 4% in Canada yesterday.