Cresco Labs Posts $173M Revenue Amid Net Loss

Cannabis operators tracking multi-state peers should weigh how SG&A can offset adjusted profitability.

Updated on Nov. 6, 2026 in Corporate Finance

Cresco Labs Posts $173M Revenue Amid Net Loss

Cresco Labs reported $173 million in third quarter 2026 revenue, with a $15 million net loss and $35 million in adjusted EBITDA for the quarter ended September 30, 2026. Shareholders separately approved three special resolutions simplifying the corporate structure, with over 94% support.

Why it matters

For operators in the cannabis sector, the figures show a business posting adjusted profitability while still reporting a net loss, with SG&A running at 33.4% of revenue. The shareholder vote signals a push to simplify the corporate structure and align the company with a U.S. investor base.

Cresco Labs reported $173 million in third quarter revenue, a $79 million gross profit, and a $35 million adjusted EBITDA, against $454 million in long-term notes and loans payable as of September 30, 2026. The company held $76 million in cash, cash equivalents, and restricted cash at quarter end.

The players

Cresco Labs

A cannabis operator with a multi-state footprint and headquarters in Chicago, whose results are a benchmark for the cannabis sector's margin and capital structure.

The details

Cresco Labs' adjusted gross profit margin of 46.8% sat well above its reported net loss of $15 million, a gap driven by SG&A of $58 million, which the company attributes partly to one-time and non-recurring costs. Operating cash flow of $26 million and free cash flow of $21 million indicate the business generated cash during the quarter even as GAAP results showed a loss. The shareholder resolutions, approved with over 94% support, are intended to simplify the corporate structure and bring the company in line with its U.S. investor base.

September 30, 2026: Third quarter ended and balance sheet figures were measured.
Last week: Shareholders approved the three special resolutions with over 94% support.
November 6, 2026: Earnings webcast held at 8:30am Eastern Time; unaudited statements expected to be filed on SEDAR+ and EDGAR on or about this date.

Market Landscape

Cresco Labs' simplified corporate structure and uplisting preparation place it among cannabis operators seeking U.S. exchange access, a path that has drawn scrutiny over governance and reporting standards. The quarter's adjusted margin of 46.8% reflects the sector's pressure to hold gross margins while carrying substantial debt.

Operators in cannabis and adjacent sectors should weigh how high SG&A relative to revenue can erode net results even when adjusted EBITDA is positive. Finance teams should track the gap between GAAP and adjusted figures when benchmarking against peers.

The takeaway

Cresco Labs' results show that positive adjusted EBITDA and operating cash flow can coexist with a net loss, so operators should look past headline adjusted figures. File the unaudited statements expected on or about November 6, 2026, and compare SG&A treatment against peer filings.

What happens next

Cresco Labs is expected to file its unaudited condensed interim consolidated financial statements for the quarter ended September 30, 2026, on SEDAR+ and EDGAR on or about November 6, 2026.