Revenue growth accelerated to 38.2% in 2026Q1, though gross margins remain volatile, recovering to 41.4% from a 17.7% low in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 205.68M | 193.36M | 117.61M | 87.24M | 86.75M | 64.56M | 46.72M | 23.75M | 12.12M | 3.25M | 412.32K | 3.4M | -665K | -196K |
| Revenue Growth % | 65.09% | 64.4% | 34.82% | 0.57% | 34.37% | 38.19% | 96.71% | 95.94% | 273.41% | 687.25% | -87.89% | 612.03% | -239.29% | - |
| Cost of Goods Sold | 138.19M | 130.6M | 92.42M | 75.33M | 71.31M | 82.15M | 72.55M | 41.35M | 5.91M | 1.98M | -1.07M | 144.98K | 32.16K | 0 |
| COGS % of Revenue | - | 67.54% | 78.58% | 86.35% | 82.21% | 127.25% | 155.29% | 174.09% | 48.74% | 60.94% | -259.75% | 4.26% | -4.84% | - |
| Gross Profit | 67.49M | 62.76M | 25.2M | 11.91M | 15.44M | -17.59M | -25.83M | -17.6M | 6.21M | 1.27M | 1.48M | 2.5M | -32.16K | -196K |
| Gross Margin % | 32.81% | 32.46% | 21.42% | 13.65% | 17.79% | -27.25% | -55.29% | -74.09% | 51.26% | 39.09% | 359.67% | 73.57% | 4.84% | 100% |
| Gross Profit Growth % | - | 149.06% | 111.59% | -22.85% | 187.74% | 31.9% | -46.8% | -383.23% | 389.6% | -14.43% | -40.8% | 7888.21% | 83.59% | - |
| Operating Expenses | 67.79M | 65.69M | 101.73M | 96.71M | 126.86M | 274.38M | 193.55M | 135.72M | 26.66M | 7.43M | 1.48M | 1.55M | 2.23M | -196K |
| OpEx % of Revenue | - | 33.97% | 86.49% | 110.85% | 146.24% | 424.99% | 414.29% | 571.45% | 219.93% | 228.77% | 359.67% | 45.49% | -334.59% | 100% |
| Selling, General & Admin | 65.15M | 63.76M | 76.82M | 80.93M | 100.73M | 121.68M | 130.32M | 116.15M | 24.04M | 7M | 2.78M | 1.47M | 2.02M | 423.86K |
| SG&A % of Revenue | - | 32.98% | 65.31% | 92.77% | 116.11% | 188.47% | 278.94% | 489.04% | 198.31% | 215.53% | 675.2% | 43.11% | -303.31% | -216.26% |
| Research & Development | 5.05M | 4.45M | 4.23M | 5.84M | 13.13M | 21.84M | 20.37M | 12.15M | 1.73M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.3% | 3.6% | 6.7% | 15.14% | 33.83% | 43.59% | 51.18% | 14.23% | - | - | - | - | - |
| Other Operating Expenses | 1.6M | -2.52M | 20.68M | 9.93M | 13.01M | 130.85M | 42.87M | 7.42M | 807K | 417K | -1.3M | 0 | 0 | 0 |
| Operating Income | -291.85K | -2.93M | -76.53M | -84.8M | -111.43M | -291.97M | -219.39M | -153.32M | -20.45M | -6.12M | -1.23M | 540.34K | -3.04M | -619K |
| Operating Margin % | -0.14% | -1.51% | -65.07% | -97.2% | -128.45% | -452.24% | -469.59% | -645.54% | -168.67% | -188.57% | -297.1% | 15.87% | 457.74% | 315.82% |
| Operating Income Growth % | - | 96.17% | 9.75% | 23.9% | 61.84% | -33.08% | -43.09% | -649.89% | -234.01% | -399.67% | -326.71% | 117.75% | -391.76% | - |
| EBITDA | 2.66M | -810K | -67.19M | -76.69M | -98.31M | -276.57M | -212.34M | -149.04M | -18.51M | -5.33M | -940.24K | 622K | -3.01M | -619K |
| EBITDA Margin % | 1.29% | -0.42% | -57.13% | -87.91% | -113.32% | -428.38% | -454.51% | -627.56% | -152.69% | -164.17% | -228.04% | 18.27% | 452.84% | 315.82% |
| EBITDA Growth % | 104.91% | 98.79% | 12.38% | 21.99% | 64.45% | -30.25% | -42.47% | -705.3% | -247.31% | -466.77% | -251.16% | 120.66% | -386.49% | - |
| D&A (Non-Cash Add-back) | 2.95M | 2.12M | 9.34M | 8.11M | 13.12M | 15.4M | 7.04M | 4.27M | 1.94M | 792.05K | 284.76K | 81.66K | 32.63K | 0 |
| EBIT | -15.04M | -17.12M | -59.55M | -79.91M | -104.39M | -165.53M | -73.09M | 1.17B | -20.78M | -6.12M | -1.14M | 446.64K | -3.29M | -619K |
| Net Interest Income | 39.32M | 40.66M | 52.02M | 51.23M | 22.5M | 9.04M | 18.41M | -4.34M | 81K | -97K | -173K | -295K | 0 | 0 |
| Interest Income | 39.32M | 40.66M | 52.02M | 51.23M | 22.51M | 9.07M | 18.6M | 28.62M | 0 | 3.2K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 13K | 27K | 186K | 32.96M | 78.56K | 100.2K | 177.27K | 325.17K | 0 | 0 |
| Other Income/Expense | -6.21M | -14.19M | 113.11M | 11.13M | -9.57M | 163.46M | 146.11M | 1.32B | -478K | 3.78M | 277.51K | -345K | -1.11M | 0 |
| Pretax Income | -6.5M | -17.12M | 36.59M | -73.67M | -121M | -128.51M | -73.27M | 1.17B | -20.92M | -2.35M | -1.31M | 215.17K | -4.15M | -619K |
| Pretax Margin % | -3.16% | -8.85% | 31.11% | -84.44% | -139.49% | -199.05% | -156.84% | 4909.21% | -172.62% | -72.24% | -317.23% | 6.32% | 624.21% | 315.82% |
| Income Tax | -11.34M | -7.67M | -3.44M | -3.23M | 34.17M | -431K | 1.35M | 0 | 0 | 236.98K | -423K | -123K | 2.99M | 0 |
| Effective Tax Rate % | 174.48% | 44.82% | -9.39% | 4.38% | -28.24% | 0.34% | -1.84% | 0% | 0% | -10.11% | 32.34% | -57.17% | -72.05% | 0% |
| Net Income | -2.01M | -9.45M | 41.08M | -73.96M | -168.73M | -396.11M | -73.14M | 1.17B | -21.64M | -1.48M | -885K | 278.28K | -4.15M | -619K |
| Net Margin % | -0.98% | -4.89% | 34.93% | -84.78% | -194.51% | -613.54% | -156.55% | 4911.6% | -178.5% | -45.69% | -214.64% | 8.17% | 624.21% | 315.82% |
| Net Income Growth % | -104.06% | -123% | 155.54% | 56.17% | 57.4% | -441.6% | -106.27% | 5491.5% | -1358.93% | -67.57% | -418.03% | 106.7% | -570.6% | - |
| Net Income (Continuing) | 4.84M | -9.45M | 40.02M | -70.44M | -155.18M | -128.08M | -74.62M | 1.17B | -20.92M | -1.48M | -885K | 386.17K | -4.79M | -619K |
| Discontinued Operations | 0 | 0 | 0 | -4.11M | -13.56M | -269.13M | -650K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 50.32M | 49.06M | 46.92M | -3.45M | -2.92M | -2.97M | -3.2M | -853K | 99.85K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | -0.02 | 0.11 | -0.19 | -0.45 | -1.07 | -0.21 | 7.16 | -0.08 | -0.01 | -0.01 | 0.01 | -0.13 | -0.05 |
| EPS Growth % | -101.77% | -122.27% | 157.89% | 57.78% | 57.94% | -409.52% | -102.93% | 8961.39% | -708% | 11.5% | - | 104.92% | -167.49% | - |
| EPS (Basic) | - | -0.02 | 0.11 | -0.19 | -0.45 | -1.07 | -0.21 | 7.92 | -0.08 | -0.01 | -0.01 | 0.01 | -0.13 | -0.05 |
| Diluted Shares Outstanding | 385.31M | 385.31M | 385.56M | 380.96M | 376.96M | 370.39M | 351.58M | 342.81M | 172.27M | 176.79M | 78.25M | 43.69M | 32.24M | 12.75M |
| Basic Shares Outstanding | 385.31M | 385.31M | 382.06M | 403.4M | 376.96M | 370.39M | 351.58M | 310.07M | 179.69M | 134.8M | 59.5M | 38.62M | 31.95M | 12.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and geopolitical volatility
According to the latest financial data, Cronos Group achieved a notable revenue increase to $44.6 million in 2026Q1, representing a 38.2% year-over-year growth rate that suggests successful execution within the competitive Canadian adult-use market and expanding international medical export channels.
The recent revenue surge indicates that the company's focus on high-velocity categories like pre-rolls and edibles is gaining traction. Investors should monitor whether this growth trajectory is sustainable or if it remains subject to the provincial inventory loading cycles that have historically caused quarterly volatility.
As reported in recent income statements, Cronos Group's gross margin reached 41.4% in 2026Q1, a significant recovery from the 17.7% trough observed in 2025Q4, reflecting the inherent difficulty in maintaining consistent pricing power within the highly commoditized Canadian cannabis retail environment.
The fluctuation in margins suggests that the company is still navigating the impact of excise taxes and shifting product mixes between high-margin medical exports and lower-margin retail flower. Sustained margin expansion appears contingent on the company's ability to successfully scale its biosynthesis-derived products to offset traditional cultivation costs.
Based on the provided income statement figures, Cronos Group continues to struggle with operating leverage, as evidenced by a negative 3.2% operating margin in 2026Q1 despite the recent top-line growth, indicating that SG&A expenses are not yet scaling efficiently relative to gross profit.
While the company has maintained a lean profile compared to its peers, the inability to consistently generate positive operating income suggests that the current cost structure remains misaligned with revenue levels. Further investigation into the fixed versus variable components of SG&A is warranted to determine the path to operational break-even.
Financial filings reveal that Cronos Group's net income is frequently impacted by non-operating items, such as the $13.6 million reported in 2026Q1, which often masks the underlying operational performance and complicates the assessment of true recurring earnings power for the firm.
The volatility in net income, often driven by interest income from the company's cash reserves and revaluation of derivative liabilities, suggests that investors should focus on operating income as a more reliable proxy for business health. The lack of stock-based compensation in the most recent quarter is a positive signal for shareholders, though it warrants monitoring for future trends.
While the company maintains a strong cash position, the historical data shows that revenue growth has been inconsistent, with quarterly figures ranging from 2.0% to 46.0%, suggesting that the core business may lack the organic momentum required to thrive without external capital support.
Short-term observers might argue that the company's reliance on interest income and the potential for margin compression in the Canadian market pose significant risks to the long-term investment thesis. The exit from U.S. CBD operations highlights the difficulty in finding profitable growth avenues, suggesting that the current valuation may be overly dependent on speculative regulatory outcomes.
Quick answers to the most common questions about buying CRON stock.
For fiscal year 2025, Cronos Group Inc. (CRON) reported total revenue of $193.4M.
Cronos Group Inc. (CRON) reported a net loss of $9.4M for the fiscal year ending 2025.
Cronos Group Inc. (CRON) reported an operating income of $-2.9M, resulting in an operating profit margin of -1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Cronos Group Inc. (CRON) generated $62.8M in gross profit for the year, representing a gross profit margin of 32.5%. This demonstrates the company's core pricing power and production efficiency.