08:33 AM EDT, 05/09/2024 (MT Newswires) -- Cronos Group ( CRON ) was last seen up 3.9% in premarket Nasdaq trading after the company on Thursday said its first-quarter loss narrowed on higher sales.

The cannabis producer said it lost US$2.94 million, or US$0.01 per share, in the period, compared with a loss of US$19.17 million, or US$0.05, in the year-prior quarter. The result matched the consensus estimate for a loss of US$0.01 per share from analysts polled by Capital IQ.

Revenue rose 30% to US$25.29 million from US$19.5 million.

"The top line was propelled by 31% growth year-over-year in Canada, and 27% growth year-over-year in Israel," Chief Executive Mike Gorenstein said in a release.

The company reiterated a 2024 cost-reduction target of between US$5 million and US$10 million.

Cronos ( CRON ) shares were last seen up US$0.10 to US$2.68 in premarket trade. They closed down C$0.06 to C$3.57 Wednesday on the Toronto Stock Exchange.