08:31 AM EDT, 08/08/2024 (MT Newswires) -- Cronos Group ( CRON ) was fluctuating between gains and losses in premarket Nasdaq trading after the cannabis producer said its second-quarter loss widened despite record revenue.

The company said it lost US$8.76 million from continuing operations in the period, compared with a year-prior loss of US$5.66 million. Net loss and net loss attributable to Cronos Group ( CRON ) were slightly higher than a year earlier, but comprehensive loss was more than double.

Basic and diluted total loss per share of $0.02 was unchanged

Revenue rose 46% to US$27.76 million from US$19.02 million.

"Cronos ( CRON ) achieved its highest quarterly net revenue on record in Q2 2024 at $27.8 million, up 46% year-over-year. The top line was propelled by 46% growth year-over-year in Canada, 27% growth year-over-year in Israel, growth in Germany and the initiation of sales in the United Kingdom," chief executive Mike Gorenstein said in a release.

The company continues to expect to realize expense reductions of between US$5 million and US$10 million this year but noted it no longer expects to end the year with a higher cash balance as it expands its Cronos Growing unit. It reported a cash position of US$848.19 million in the quarter, more than double the US$409.43 million held in the year-prior quarter.

"Due to the additional $51 million investment in Cronos GrowCo and resulting facility expansion, we no longer anticipate that our net change in cash, defined as the sum of cash and cash equivalents and short-term investments will be positive in 2024," the company said.

Cronos ( CRON ) shares were last seen up US$0.08 to US$2.30 in premarket trading, but they have also dipped lower. They closed down $0.01 to $3.06 Wednesday on the Toronto Stock Exchange.