Revenue accelerated 111% YoY to a record $70.6M in Q2 2026, with gross margin expanding to 40.3% from 17.7% in Q4 2025, though net income of $32.1M was inflated by non-operating items versus operating income of $7.4M.
Cronos Group Inc. (CRON) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 252.35M | 149.15M | 117.61M | 87.24M | 86.75M | 64.56M | 46.72M | 17.84M | 12.12M | 4.14M | 412.32K | 3.4M | -665K | -196K |
| Revenue Growth % | 90.66% | 26.81% | 34.82% | 0.57% | 34.37% | 38.19% | 161.91% | 47.16% | 192.66% | 904.48% | -87.89% | 612.03% | -239.29% | - |
| Cost of Goods Sold | 156.96M | 87.45M | 92.42M | 75.33M | 71.31M | 82.15M | 72.55M | 31.05M | 5.91M | 2M | 1.45M | 144.98K | 32.16K | 0 |
| COGS % of Revenue | - | 58.63% | 78.58% | 86.35% | 82.21% | 127.25% | 155.29% | 174.09% | 48.74% | 48.28% | 351.11% | 4.26% | -4.84% | - |
| Gross Profit | 95.39M | 61.7M | 25.2M | 11.91M | 15.44M | -17.59M | -25.83M | -13.22M | 6.21M | 2M | 1.48M | 2.5M | -32.16K | -196K |
| Gross Margin % | 37.8% | 41.37% | 21.42% | 13.65% | 17.79% | -27.25% | -55.29% | -74.09% | 51.26% | 48.31% | 359.67% | 73.57% | 4.84% | 100% |
| Gross Profit Growth % | - | 144.87% | 111.59% | -22.85% | 187.74% | 31.9% | -95.46% | -312.72% | 210.5% | 34.93% | -40.8% | 7888.21% | 83.59% | - |
| Operating Expenses | 73.23M | 79.54M | 101.73M | 96.71M | 126.86M | 274.38M | 193.55M | 101.93M | 26.66M | -7.79M | 1.25M | 1.55M | 2.23M | -196K |
| OpEx % of Revenue | - | 53.33% | 86.49% | 110.85% | 146.24% | 424.99% | 414.29% | 571.45% | 219.93% | -188.17% | 304.02% | 45.49% | -334.59% | 100% |
| Selling, General & Admin | 69.28M | 63.76M | 76.82M | 80.93M | 100.73M | 121.68M | 130.32M | 87.23M | 24.04M | 7M | 2.78M | 1.47M | 2.02M | 423.86K |
| SG&A % of Revenue | - | 42.75% | 65.31% | 92.77% | 116.11% | 188.47% | 278.94% | 489.04% | 198.31% | 168.92% | 675.2% | 43.11% | -303.31% | -216.26% |
| Research & Development | 5.33M | 4.45M | 4.23M | 5.84M | 13.13M | 21.84M | 20.37M | 9.13M | 1.73M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.98% | 3.6% | 6.7% | 15.14% | 33.83% | 43.59% | 51.18% | 14.23% | - | - | - | - | - |
| Other Operating Expenses | 1.49M | 11.33M | 20.68M | 9.93M | 13.01M | 130.85M | 42.87M | 5.57M | 896K | -14.79M | -1.53M | 0 | 0 | 0 |
| Operating Income | 22.17M | -17.84M | -76.53M | -84.8M | -111.43M | -291.97M | -219.39M | -118.47M | -20.45M | -7.78M | -2.13M | 540.34K | -3.04M | -619K |
| Operating Margin % | 8.78% | -11.96% | -65.07% | -97.2% | -128.45% | -452.24% | -469.59% | -664.17% | -168.67% | -187.88% | -516.83% | 15.87% | 457.74% | 315.82% |
| Operating Income Growth % | - | 76.69% | 9.75% | 23.9% | 61.84% | -33.08% | -85.18% | -479.47% | -162.74% | -265.15% | -494.38% | 117.75% | -391.76% | - |
| EBITDA | 33.23M | -3.36M | -67.19M | -76.69M | -98.31M | -276.57M | -212.34M | -115.21M | -18.51M | -6.99M | -1.85M | 622K | -3.01M | -619K |
| EBITDA Margin % | 13.17% | -2.25% | -57.13% | -87.91% | -113.32% | -428.38% | -454.51% | -645.86% | -152.69% | -168.76% | -447.77% | 18.27% | 452.84% | 315.82% |
| EBITDA Growth % | 506.99% | 95% | 12.38% | 21.99% | 64.45% | -30.25% | -84.32% | -522.47% | -164.8% | -278.57% | -396.82% | 120.66% | -386.49% | - |
| D&A (Non-Cash Add-back) | 11.07M | 14.48M | 9.34M | 8.11M | 13.12M | 15.4M | 7.04M | 3.27M | 1.94M | 792.05K | 284.76K | 81.66K | 32.63K | 0 |
| EBIT | -11.16M | -17.84M | -59.55M | -79.91M | -104.39M | -165.53M | -73.09M | -118.47M | -20.78M | 2.79M | -1.94M | 446.64K | -3.29M | -619K |
| Net Interest Income | 36.49M | 40.66M | 52.02M | 51.23M | 22.5M | 9.04M | 18.41M | -3.26M | 107.24K | -97K | -240.03K | -295K | 0 | 0 |
| Interest Income | 36.49M | 40.66M | 52.02M | 51.23M | 22.51M | 9.07M | 18.6M | 21.49M | 107.24K | 3.2K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 13K | 27K | 186K | 24.75M | 0 | 100.2K | 240.03K | 325.17K | 0 | 0 |
| Other Income/Expense | 37.77M | 419.21K | 113.11M | 11.13M | -9.57M | 163.46M | 146.11M | 990.84M | -478K | 4.8M | 373K | -345K | -1.11M | 0 |
| Pretax Income | 59.94M | -17.42M | 36.59M | -73.67M | -121M | -128.51M | -73.27M | 875.69M | -20.92M | -2.98M | -1.76M | 215.17K | -4.15M | -619K |
| Pretax Margin % | 23.75% | -11.68% | 31.11% | -84.44% | -139.49% | -199.05% | -156.84% | 4909.21% | -172.62% | -71.98% | -426.37% | 6.32% | 624.21% | 315.82% |
| Income Tax | -8.55M | -14.44M | -3.44M | -3.23M | 34.17M | -431K | 1.35M | 0 | 0 | -862K | -572.19K | -123K | 2.99M | 0 |
| Effective Tax Rate % | -14.27% | 82.89% | -9.39% | 4.38% | -28.24% | 0.34% | -1.84% | 0% | 0% | 28.92% | 32.55% | -57.17% | -72.05% | 0% |
| Net Income | 57.63M | -9.61M | 41.08M | -73.96M | -168.73M | -396.11M | -73.14M | 1.19B | -21.64M | 2.53M | -1.2M | 278.28K | -4.15M | -619K |
| Net Margin % | 22.84% | -6.44% | 34.93% | -84.78% | -194.51% | -613.54% | -156.55% | 6691.61% | -178.5% | 61.02% | -290.75% | 8.17% | 624.21% | 315.82% |
| Net Income Growth % | 59.66% | -123.4% | 155.54% | 56.17% | 57.4% | -441.6% | -106.13% | 5616.85% | -956.05% | 310.82% | -530.81% | 106.7% | -570.6% | - |
| Net Income (Continuing) | 68.49M | -2.98M | 40.02M | -70.44M | -155.18M | -128.08M | -74.62M | 1.19B | -20.92M | -1.48M | -1.2M | 386.17K | -4.79M | -619K |
| Discontinued Operations | 0 | 0 | 0 | -4.11M | -13.56M | -269.13M | -650K | -371.44K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 52.67M | 49.06M | 46.92M | -3.45M | -2.92M | -2.97M | -3.2M | -640.65K | 99.85K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.17 | -0.03 | 0.11 | -0.19 | -0.45 | -1.07 | -0.21 | 3.41 | -0.15 | 0.01 | -0.01 | 0.01 | -0.13 | -0.05 |
| EPS Growth % | 66.06% | -122.82% | 157.89% | 57.78% | 57.94% | -409.52% | -106.16% | 2373.33% | -1600% | 188.5% | - | 104.92% | -167.49% | - |
| EPS (Basic) | - | -0.03 | 0.11 | -0.19 | -0.45 | -1.07 | -0.21 | 3.76 | -0.15 | 0.02 | -0.02 | 0.01 | -0.13 | -0.05 |
| Diluted Shares Outstanding | 345M | 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 | 345M | 385.31M | 382.06M | 380.96M | 376.96M | 370.39M | 351.58M | 310.07M | 172.27M | 134.8M | 59.5M | 38.62M | 31.95M | 12.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CRON stock.
For fiscal year 2025, Cronos Group Inc. (CRON) reported total revenue of $149.2M.
Cronos Group Inc. (CRON) reported a net loss of $9.6M for the fiscal year ending 2025.
Cronos Group Inc. (CRON) reported an operating income of $-17.8M, resulting in an operating profit margin of -12.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Cronos Group Inc. (CRON) generated $61.7M in gross profit for the year, representing a gross profit margin of 41.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical exposure in Israel
Metrics are mathematically derived from official filings.
Record Revenue Momentum Accelerates
Cronos reported record Q2 2026 net revenue of $70.6M, up 111% year-over-year, according to the latest quarterly filing, marking a sharp acceleration from prior quarters and suggesting strong demand across Canadian and international markets.
The 111% revenue growth in Q2 2026 is a dramatic step-up from the 20-40% range seen in the preceding four quarters, indicating a potential inflection in commercial traction. While the Q4 2025 figure of $91.3M appears anomalous—likely reflecting a one-time bulk shipment or inventory loading—the underlying trend from Q1 2025 through Q2 2026 shows sequential acceleration from $32.3M to $70.6M. This suggests that the company's focus on high-velocity categories and international expansion is translating into tangible sales growth, though sustainability warrants monitoring given the volatility in quarterly figures.
Gross Margin Expansion Signals Mix Shift
Gross margin improved to 40.3% in Q2 2026 from 17.7% in Q4 2025, as reported in financial statements, reflecting a favorable product mix and cost discipline, though sustainability depends on excise tax and pricing dynamics.
The gross margin trajectory shows a clear upward trend from the low-20s in early 2024 to the 40%+ range in recent quarters, with Q3 2025 peaking at 50.4%. This improvement likely stems from a higher proportion of derivative products and international medical sales, which carry better unit economics than Canadian flower. However, the Q4 2025 dip to 17.7% highlights vulnerability to one-off inventory write-downs or pricing pressure, and the Canadian excise tax burden remains a structural headwind that could cap margin expansion.
Operating Leverage Finally Emerging
Operating income swung to a positive $7.4M in Q2 2026 from a loss of $5.3M a year earlier, based on reported figures, as SG&A remained flat while revenue more than doubled, demonstrating early operating leverage.
SG&A expenses have stayed remarkably stable around $16-20M per quarter despite revenue doubling, indicating that the company is scaling without proportionate overhead growth. This is a critical shift from the prior pattern where operating losses widened with revenue, and it suggests that the asset-light model is beginning to pay off. The positive operating income in Q2 2026, albeit modest, marks a potential turning point, though investors should watch whether SG&A discipline persists as the company expands internationally.
Net Income Boosted by Non-Operating Items
Net income of $32.1M in Q2 2026 far exceeded operating income of $7.4M, according to the income statement, implying significant non-operating gains, likely from interest income and fair value adjustments, which investors should adjust for.
The gap between operating income and net income is substantial—$24.7M in Q2 2026—and is likely driven by interest income on the company's large cash balance and non-cash gains from derivative revaluations. While these items are real, they are not indicative of core operational profitability, and the negative net income in Q2 2025 (-$39.7M) shows the volatility of these adjustments. Adjusted EBITDA, which management highlights, may provide a cleaner view, but the absence of a full reconciliation in the provided data limits deeper analysis.
COGS Volatility Masks Underlying Discipline
COGS as a percentage of revenue fell to 59.7% in Q2 2026 from 82.3% in Q4 2025, as per financial statements, reflecting improved cost management, though the Q4 spike suggests inventory write-downs remain a recurring risk.
The cost structure shows significant improvement, with gross profit margin expanding from the mid-20s to over 40% in recent quarters. However, the Q4 2025 COGS of $75.1M on revenue of $91.3M implies a gross margin of only 17.7%, which is a stark outlier and likely includes inventory impairments or one-time charges. This volatility suggests that while the company is making progress on variable costs, it remains exposed to cannabis price fluctuations and potential overproduction, warranting close monitoring of inventory levels.
Sustainability of Growth Questioned
Despite record Q2 2026 revenue, the 111% growth rate may be unsustainable given the Canadian market's competitive pressures and the reliance on international markets like Israel, which face geopolitical risks, as per recent earnings commentary.
Short-sellers would argue that the revenue surge is partly driven by one-time factors, such as inventory loading or favorable timing in international shipments, and that the Canadian market remains a price war. The Q4 2025 revenue spike followed by a drop in Q1 2026 suggests lumpiness, and the company's path to consistent profitability is still unproven. Additionally, the concentration of high-margin international revenue in Israel, which has seen ten consecutive record quarters, introduces geopolitical risk that could disrupt the growth narrative if tensions escalate.