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CRON

Cronos Group Inc.

CRON

Cronos Group Inc. • NASDAQ
$2.47 ▼ -0.40% (-0.01)
Market Cap $945.96 M
52w High $3.16
52w Low $1.60
Dividend Yield 0%
P/E 22.45
Volume 184.39K
Outstanding Shares 382.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $36.339M ▲ $18.835M ▼ $25.958M ▲ 71.433% ▲ $0 ▲ $30.537M ▲
Q2-2025 $33.455M ▲ $19.828M ▲ $-39.711M ▼ -118.7% ▼ $-0.1 ▼ $-354K ▲
Q1-2025 $32.262M ▲ $17.806M ▼ $6.122M ▼ 18.976% ▼ $0.016 ▲ $-677K ▲
Q4-2024 $30.301M ▼ $22.172M ▼ $43.729M ▲ 144.315% ▲ $0.007 ▼ $-8.84M ▲
Q3-2024 $34.264M $37.266M $8.349M 24.367% $0.022 $-15.712M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $824.17M ▼ $1.178B ▲ $46.361M ▲ $1.083B ▲
Q2-2025 $834.416M ▼ $1.175B ▲ $45.021M ▲ $1.082B ▲
Q1-2025 $837.819M ▼ $1.154B ▼ $39.062M ▼ $1.066B ▲
Q4-2024 $858.805M ▼ $1.166B ▼ $55.33M ▲ $1.064B ▼
Q3-2024 $862.034M $1.184B $52.822M $1.082B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.321M ▲ $13.309M ▲ $-23.002M ▼ $-1.866M ▲ $-10.246M ▼ $8.721M ▲
Q2-2025 $-38.482M ▼ $2.818M ▲ $-983K ▲ $-7.686M ▼ $-3.403M ▲ $-1.02M ▲
Q1-2025 $7.723M ▼ $-2.096M ▼ $-55.356M ▼ $-2.93M ▼ $-60.986M ▼ $-17.452M ▼
Q4-2024 $43.941M ▲ $7.72M ▼ $-5.032M ▼ $-313K ▼ $-3.229M ▼ $4.012M ▼
Q3-2024 $7.324M $11.583M $-818K $-13K $13.845M $5.047M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cannabis Extracts
Cannabis Extracts
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Cannabis Flower
Cannabis Flower
 $70.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Cronos is still a small, developing business that has only recently started to show hints of profitability on paper. Revenue has grown steadily from a very low base, and gross margins have moved from negative to modestly positive, suggesting better cost control and product mix. However, operating performance is still weak when you strip out one‑off items and accounting gains, which is why underlying earnings before interest and depreciation remain negative. The swing to positive net income in the latest year likely reflects special factors rather than a fully healthy, self-sustaining profit engine. Overall, the trend is improving, but the core business is not yet clearly profitable or proven at scale.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Cronos holds a large cash cushion relative to its size and has essentially no financial debt, which gives it flexibility and time to execute its strategy. Total assets and shareholders’ equity have been slowly drifting down, showing that past losses and spending have been eating into the company’s capital base. Even so, the company remains well-capitalized compared with many cannabis peers, which helps it weather industry volatility and regulatory uncertainty. The key question is how effectively it can turn this financial strength into durable, profitable growth before the cushion erodes too far.

Cash Flow

Cash Flow Historically, Cronos has burned cash in its day‑to‑day operations, but cash outflows have been shrinking, and the latest period even shows a small positive operating cash inflow. Free cash flow has moved from clearly negative toward roughly breakeven thanks to tighter cost control and limited capital spending. Low investment in new facilities and equipment suggests a more asset‑light, cautious approach, but it may also limit the speed of expansion if demand accelerates. The business is still heavily supported by its existing cash reserves rather than by strong, recurring cash generation. Sustainability will depend on whether this recent improvement in cash flow can be maintained and built upon.

Competitive Edge

Competitive Edge Cronos competes in a crowded cannabis market but benefits from a few notable advantages. Its Spinach brand has become a leading name in Canadian cannabis flower and has strong traction in edibles, which creates customer loyalty and shelf visibility. The premium Lord Jones brand adds exposure to higher‑margin, craft-style products, while Peace Naturals targets the medical segment, giving the company a multi-brand reach across consumer types. Backing from Altria provides financial support, regulatory know‑how, and potential distribution and marketing advantages that many rivals lack. The main competitive risks are intense pricing pressure, rapid product commoditization, and shifting regulations, which could erode margins and make brand strength even more critical.

Innovation and R&D

Innovation and R&D Cronos has positioned itself as an innovator, but its approach is evolving. The earlier big bet on fermentation-based biosynthesis of rare cannabinoids showed ambition but has been scaled back with the closure of its facility, creating some uncertainty about the long-term role of that technology. The company still has access to partners and may pursue an asset‑light model for rare cannabinoids, but the path forward is less clear than it once was. At the same time, Cronos is investing in device technology through its Israeli R&D lab and pushing out differentiated products, especially in vapes, infused pre-rolls, and edibles under Spinach and Lord Jones. Future innovation seems likely to focus more on branded product formats, user experience, and formulations than on owning complex production infrastructure outright.

Summary

Cronos today looks like a cash-rich, brand-focused cannabis company still transitioning from an experimental, R&D-heavy phase to a more disciplined consumer packaged goods model. Financial results have improved from deep losses toward break‑even and occasional accounting profits, but the underlying business is not yet clearly profitable or cash-generative. The balance sheet is a major safety net, with high cash and almost no debt, giving the company time to refine its strategy. Its real edge lies in strong Canadian brands and the strategic backing of Altria, which together provide credibility, marketing strength, and operational support in a tough industry. Execution risk remains high: Cronos must convert brand strength and innovation into consistent, recurring profits before its financial cushion wears down, all while navigating regulatory change and intense competition.

NEWS

October 23, 2025 · 7:30 AM UTC

Cronos Group Inc. to Hold 2025 Third Quarter Earnings Conference Call on November 6, 2025

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