Net revenue in Q4 2025 increased by 47% year-over-year to
Achieved record net revenue in Q4 2025 and FY 2025
Eighth consecutive quarter of record net revenue in
Industry leading balance sheet with
“Cronos delivered record net revenue, gross profit and Adjusted EBITDA in 2025, reflecting the continued strength of our core business and the progress we are making towards our strategic priorities. We achieved record net revenue for both the fourth quarter and the full year, driven by strong consumer demand for our leading brands, the completion of the expansion at Cronos GrowCo, and the increasing contribution from our international markets,” said
“Looking ahead, we are excited about the opportunities in front of us as we enter 2026,” continued Gorenstein. “Once completed, our pending acquisition of CanAdelaar will establish a strategic footprint in
Consolidated Financial Results
On
The tables below set forth our condensed consolidated results of continuing operations, expressed in thousands of
| (in thousands of USD) | Three Months Ended | Change | Year ended | Change | ||||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||
| Cronos net revenue, excluding Cronos GrowCo net revenue(i) | $ | 41,231 | $ | 28,195 | $ | 13,036 | 46 | % | $ | 136,289 | $ | 111,241 | $ | 25,048 | 23 | % | ||||||||||||||
| Cronos GrowCo net revenue(ii) | 3,300 | 2,106 | 1,194 | 57 | % | 10,298 | 6,374 | 3,924 | 62 | % | ||||||||||||||||||||
| Net Revenue | $ | 44,531 | $ | 30,301 | $ | 14,230 | 47 | % | $ | 146,587 | $ | 117,615 | $ | 28,972 | 25 | % | ||||||||||||||
| Cost of sales | 28,280 | 19,494 | 8,786 | 45 | % | 83,174 | 91,710 | (8,536 | ) | (9)% | ||||||||||||||||||||
| Inventory write-down | 62 | — | 62 | N/A | 654 | 707 | (53 | ) | (7)% | |||||||||||||||||||||
| Gross profit | $ | 16,189 | $ | 10,807 | $ | 5,382 | 50 | % | $ | 62,759 | $ | 25,198 | $ | 37,561 | 149 | % | ||||||||||||||
| Gross margin(iii) | 36 | % | 36 | % | N/A | —pp | 43 | % | 21 | % | N/A | 22pp | ||||||||||||||||||
| Inventory step-up recorded to cost of sales | — | (1,832 | ) | 1,832 | N/A | 517 | 5,284 | (4,767 | ) | N/A | ||||||||||||||||||||
| Adjusted Gross Profit(iv) | $ | 16,189 | $ | 8,975 | $ | 7,214 | 80 | % | $ | 63,276 | $ | 30,482 | $ | 32,794 | 108 | % | ||||||||||||||
| Adjusted Gross Margin(v) | 36 | % | 30 | % | N/A | 6pp | 43 | % | 26 | % | N/A | 1pp | ||||||||||||||||||
| Net income (loss) | $ | (491 | ) | $ | 43,941 | $ | (44,432 | ) | (101)% | $ | (2,929 | ) | $ | 40,022 | $ | (42,951 | ) | N/M | ||||||||||||
| Adjusted EBITDA(iv) | $ | 456 | $ | (7,203 | ) | $ | 7,659 | N/M | $ | 10,110 | $ | (34,942 | ) | $ | 45,052 | N/M | ||||||||||||||
| Other Data | ||||||||||||||||||||||||||||||
| Cash and cash equivalents(vi) | $ | 791,794 | $ | 858,805 | $ | (67,011 | ) | (8)% | ||||||||||||||||||||||
| Short-term investments(vi) | 40,000 | — | 40,000 | N/M | ||||||||||||||||||||||||||
| Capital expenditures(vii) | 2,274 | 3,708 | (1,434 | ) | (39) % | 26,056 | 13,154 | 12,902 | 98 | % | ||||||||||||||||||||
(i) Cronos net revenue, excluding Cronos GrowCo net revenue is net revenue less Cronos GrowCo net revenue and is after intercompany eliminations.
(ii) Cronos GrowCo net revenue is Cronos GrowCo's net revenue after intercompany eliminations.
(iii) Gross margin is defined as gross profit divided by net revenue.
(iv) See “Non-GAAP Measures" for more information, including a reconciliation of adjusted earnings (loss) before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) to net income (loss) and a reconciliation of Adjusted Gross Profit to gross profit.
(v) Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue. See “Non-GAAP Measures” for more information.
(vi) Dollar amounts are as of the last day of the period indicated.
(vii) Capital expenditures represent component information of investing activities and is defined as the sum of purchase of property, plant and equipment, and purchase of intangible assets.
Fourth Quarter 2025
- Net revenue of
$44.5 million in Q4 2025 increased by$14.2 million from Q4 2024. The increase was primarily due to higher cannabis flower sales inIsrael and other countries, which carry no excise taxes, and higher cannabis flower and extract sales in the Canadian market. - Gross profit of
$16.2 million in Q4 2025 increased by$5.4 million from Q4 2024. The increase was primarily due to higher average sales prices driven primarily by a mix shift toIsrael and other countries and higher sales volumes. Gross profit was positively impacted by$1.8 million in the fourth quarter of 2024 in connection with the finalization of the purchase accounting for the Cronos GrowCo Transaction. No such benefit was recognized in the fourth quarter of 2025. - Adjusted Gross Profit of
$16.2 million in Q4 2025 improved by$7.2 million from Q4 2024. The improvement was primarily driven by higher average sales prices driven primarily by a mix shift toIsrael and other countries and higher sales volumes. - Net loss of
$0.5 million in Q4 2025, compared to net income of$43.9 million from Q4 2024. The change was primarily driven by foreign currency transaction losses in the current period compared with gains in the prior-year period, partially offset by higher gross profit. - Adjusted EBITDA of
$0.5 million in Q4 2025 improved by$7.7 million from Q4 2024. The improvement was primarily driven by higher Adjusted Gross Profit.
Full-Year 2025
- Net revenue of
$146.6 million in full-year 2025 increased by$29.0 million from full-year 2024. The increase was primarily due to higher cannabis flower sales inIsrael and other countries, which carry no excise taxes, the inclusion of a full year of Cronos GrowCo sales in the current period, and higher cannabis extract sales in the Canadian market, partially offset by a decrease in cannabis flower sales in the Canadian market due to supply constraints. Cronos GrowCo contributed$10.3 million of cannabis flower sales in the year endedDecember 31, 2025 , an increase of$6.4 million from 2024. - Gross profit of
$62.8 million in full-year 2025 increased by$37.6 million from full-year 2024. The increase was primarily due to lower amounts of inventory step-up from the Cronos GrowCo Transaction recognized into cost of sales, the consolidation of Cronos GrowCo, higher average sales prices driven primarily by a mix shift toIsrael and other countries, higher sales volumes, and production efficiencies. For 2025 and 2024, gross profit was reduced$0.5 million and$5.3 million , respectively, as a result of the impact of the inventory step-up from the Cronos GrowCo Transaction that was recorded into cost of sales. - Adjusted Gross Profit of
$63.3 million in full-year 2025 increased by$32.8 million from full-year 2024. The increase year-over-year was primarily due to the consolidation of Cronos GrowCo, higher average sales prices driven primarily by a mix shift toIsrael and other countries, higher sales volumes, and production efficiencies. - Net loss of
$2.9 million in full-year 2025, compared to net income of$40.0 million from full-year 2024. The change was primarily driven by foreign currency transaction losses in the current period compared with gains in the prior-year period, partially offset by higher gross profit and lower operating expenses. - Adjusted EBITDA of
$10.1 million in full-year 2025 improved by$45.1 million from full-year 2024. The improvement was primarily driven by higher Adjusted Gross Profit and lower operating expenses due to a decline in general and administrative costs.
Business Updates
Brand and Product Portfolio
Spinach®2
Spinach® maintained its position as one of Canada’s leading cannabis brands throughout 2025, consistently ranking #2 overall despite flower supply constraints that limited growth. In Q4 2025, Spinach® remained the #4 flower brand in
SOURZ by Spinach® edibles continued to lead the edibles category, holding the #1 national market position each quarter. Achieving market share of 21.7% for the fourth quarter and over 20% for the full year, the brand continued to innovate, highlighted by the launch of SOURZ by Spinach® Fully Blasted formulations and various multipack launches. In Q4 2025, four SOURZ by Spinach® gummies products ranked among the top 10 edibles nationally, including the top-selling edibles SKU in
Throughout 2025, the Spinach® brand delivered strong performance in vapes, climbing from #4 nationally in Q1 2025 to #2 in December. The brand established a leadership position in vape cartridges, which reached the #1 rank in
Overall, 2025 demonstrated strong brand momentum for Spinach® and SOURZ by Spinach®, with sustained consumer demand, multiple category-leading SKUs, and continued innovation across edibles and vapes.
PEACE NATURALS®3
The PEACE NATURALS® brand delivered exceptional performance throughout 2025, consistently holding its position as the top-performing cannabis brand in
Internationally, the PEACE NATURALS® brand expanded its global footprint significantly in 2025, entering the medical cannabis markets in
We look forward to building upon the brand's momentum, bolstered by the recently completed expansion at Cronos GrowCo, as well as by continued product innovation and sustained demand for Cronos’ high-quality genetics and cultivation expertise.
LIT™
LIT™, the Company's value-focused medical brand, experienced strong growth in 2025, led by performance in
The
Subsequent to year-end, the Lord Jones® brand launched in
CanAdelaar Acquisition
In Q4 2025, the Company entered into a definitive share sale and purchase agreement (the “Purchase Agreement”) to acquire
CanAdelaar operates a 540,000-square-foot greenhouse facility in the southern Dutch municipality of Voorne aan Zee, and is the only industrial-scale greenhouse cultivator among the ten licensed producers supplying the Wietexperiment. CanAdelaar supplies nearly all 72 coffee shops participating in the Wietexperiment with flower, pre-rolls, hash and edibles under its C.O.G. brand. The company has rapidly grown since it commenced sales in Q4 2023, to reach net revenue of
Cronos views the Transaction as financially compelling and highly strategic, establishing a strategic footprint in
The Transaction remains subject to certain closing conditions, including completion of regulatory clearances required in
Appointments
On
Conference Call
The Company will host a conference call and live audio webcast on
About Cronos
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS®, LIT™ and
Forward-Looking Statements
This press release contains information that may constitute forward-looking information and forward-looking statements within the meaning of applicable
Forward-Looking Statements include, but are not limited to, statements with respect to:
- the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from
Canada intoIsrael by the Trade Levies Commissioner of theIsrael Ministry of Economy and Industry (the “Anti-Dumping Investigation”) and the proposed anti-dumping duty to which the Company’s imports would be subject; - expectations related to the conflict involving
Israel ,Hamas ,Hezbollah ,Houthis ,Iran , Iran’s proxies and other stakeholders in the region (the “Middle East Conflict”) and its impact on our operations inIsrael , the supply of product in the market and the demand for product by medical patients inIsrael , as well as any regional or global escalations and their impact to global commerce and stability; - expectations related to our markets outside of
Canada andIsrael , and our ability to successfully distribute the PEACE NATURALS® brand in overseas markets; - expectations related to the impact of our decision to exit our
U.S. hemp-derived cannabinoid product operations and any future plans to re-enter the U.S. market; - the ongoing impact of our announced realignment (inclusive of any revisions thereto, the “Realignment”) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto;
- our expectations as to the use and expansion of our production facility in
Stayner, Ontario, Canada (the “Peace Naturals Campus”); - our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith;
- expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments;
- expectations related to the Cronos GrowCo Transaction, which qualified as a business combination under Accounting Standards Codification (“ASC”) 805, and the expansion of Cronos GrowCo’s purpose-built cultivation and processing facilities and any additional supply or growth opportunities (including in the wholesale market) provided thereby;
- expectations related to the transaction by which we, as lender, obtained junior secured convertible debt (the “High Tide Loan”) from High Tide Inc. (“High Tide”), as borrower, and a warrant (the “High Tide Warrant”) to purchase common shares of High Tide, the performance of the High Tide Loan and the High Tide Warrant, and High Tide’s ability to repay the High Tide Loan;
- expectations related to our agreement to acquire CanAdelaar, including the timing and completion of the transaction, and the anticipated costs, benefits and integration matters associated therewith and the performance of the business from and following closing;
- our ability or plans to identify, develop, commercialize or expand our technology and research and development initiatives in cannabinoids, or the success thereof;
- expectations regarding revenues, expenses, gross margins and capital expenditures;
- expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses;
- the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in
Canada , including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; - the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of
Canada , the related timing and impact thereof and our intentions to participate in such markets, if, when and to the extent such use is legalized; - the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof;
- our ability to successfully create and launch brands and cannabis products;
- expectations related to the differentiation of our products, including through the utilization of rare cannabinoids;
- the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids;
- laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of
U.S. state and federal law to cannabis andU.S. hemp (including CBD and otherU.S. hemp-derived cannabinoids) products and the scope of any regulations by theU.S. Department of Health and Human Services ,U.S. Food and Drug Administration , theU.S. Drug Enforcement Administration , theU.S. Federal Trade Commission , theU.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis andU.S. hemp (including CBD and otherU.S. hemp-derived cannabinoids) products, including the possibility marijuana is moved from Schedule I to Schedule III under theU.S. Controlled Substances Act; - the anticipated benefits and impact of Altria Group, Inc.’s investment in the Company (the “Altria Investment”), pursuant to a subscription agreement dated
December 7, 2018 ; - expectations regarding the implementation and effectiveness of key personnel changes;
- expectations regarding business combinations and dispositions and the anticipated benefits therefrom;
- expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
- the impact of the ongoing military conflict between
Russia andUkraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows; - our compliance with the terms of the settlement (the “Settlement Order”) with the
SEC and the settlement agreement (the “Settlement Agreement”) with theOntario Securities Commission (the “OSC”); and - the impact of the loss of our ability to rely on private offering exemptions under Regulation A and Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) as a result of the Settlement Order.
Certain of the Forward-Looking Statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.
The Forward-Looking Statements contained herein are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: (i) our ability to effectively navigate developments related to the Anti-Dumping Investigation and the proposed anti-dumping duty to which the Company’s imports would be subject and its impact on our operations in
By their nature, Forward-Looking Statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the Forward-Looking Statements in this press release and other reports we file with, or furnish to, the
Forward-Looking Statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these Forward-Looking Statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the Forward-Looking Statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-Looking Statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such Forward-Looking Statements. The Forward-Looking Statements contained in this press release and other reports we file with, or furnish to, the
| Consolidated Balance Sheets |
| (In thousands of |
| As of | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 791,794 | $ | 858,805 | |||
| Short-term investments | 40,000 | — | |||||
| Accounts receivable, net | 34,099 | 15,462 | |||||
| Interest receivable | 8,654 | 8,690 | |||||
| Other receivables | 14,445 | 5,000 | |||||
| Current portion of loans receivable, net | — | 618 | |||||
| Inventory, net | 46,750 | 33,149 | |||||
| Prepaids and other current assets | 8,344 | 6,277 | |||||
| Held-for-sale assets | — | 8,112 | |||||
| Total current assets | 944,086 | 936,113 | |||||
| Other investments | 7,664 | 2,813 | |||||
| Non-current portion of loans receivable, net | 20,847 | 15,526 | |||||
| Property, plant and equipment, net | 145,865 | 133,189 | |||||
| Right-of-use assets | 1,422 | 1,390 | |||||
| 66,478 | 63,453 | ||||||
| Intangible assets, net | 8,890 | 11,257 | |||||
| Deferred tax assets | 1,888 | 2,571 | |||||
| Total assets | $ | 1,197,140 | $ | 1,166,312 | |||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 11,640 | $ | 16,973 | |||
| Income taxes payable | — | 9 | |||||
| Accrued liabilities | 36,210 | 31,653 | |||||
| Current portion of lease obligation | 337 | 1,025 | |||||
| Derivative liabilities | — | 40 | |||||
| Total current liabilities | 48,187 | 49,700 | |||||
| Non-current portion due to non-controlling interests | 733 | 1,073 | |||||
| Non-current portion of lease obligation | 1,172 | 993 | |||||
| Deferred tax liabilities | 4,089 | 3,564 | |||||
| Total liabilities | 54,181 | 55,330 | |||||
| Shareholders’ equity | |||||||
| Share capital and additional paid-in capital | 662,983 | 669,879 | |||||
| Retained earnings | 447,756 | 457,709 | |||||
| Accumulated other comprehensive loss | (16,842 | ) | (63,525 | ) | |||
| Total equity attributable to shareholders of | 1,093,897 | 1,064,063 | |||||
| Non-controlling interests | 49,062 | 46,919 | |||||
| Total shareholders’ equity | 1,142,959 | 1,110,982 | |||||
| Total liabilities and shareholders’ equity | $ | 1,197,140 | $ | 1,166,312 | |||
Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) (In thousands of | |||||||||||
| Year ended | |||||||||||
| 2025 | 2024 | 2023(i) | |||||||||
| Net revenue, before excise taxes | $ | 193,363 | $ | 161,821 | $ | 120,270 | |||||
| Excise taxes | (46,776 | ) | (44,206 | ) | (33,029 | ) | |||||
| Net revenue | 146,587 | 117,615 | 87,241 | ||||||||
| Cost of sales | 83,174 | 91,710 | 74,527 | ||||||||
| Inventory write-down | 654 | 707 | 805 | ||||||||
| Gross profit | 62,759 | 25,198 | 11,909 | ||||||||
| Operating expenses | |||||||||||
| Sales and marketing | 21,764 | 21,603 | 22,701 | ||||||||
| Research and development | 4,449 | 4,229 | 5,843 | ||||||||
| General and administrative | 41,999 | 46,514 | 49,475 | ||||||||
| Restructuring costs | 2,037 | 630 | 1,524 | ||||||||
| Share-based compensation | 7,050 | 8,700 | 8,756 | ||||||||
| Depreciation and amortization | 2,119 | 3,701 | 5,044 | ||||||||
| Impairment loss on goodwill and indefinite-lived intangible assets | 700 | — | — | ||||||||
| Impairment loss on long-lived assets | 36 | 16,350 | 3,366 | ||||||||
| Total operating expenses | 80,154 | 101,727 | 96,709 | ||||||||
| Operating loss | (17,395 | ) | (76,529 | ) | (84,800 | ) | |||||
| Other income (expense) | |||||||||||
| Interest income, net | 39,963 | 52,019 | 51,235 | ||||||||
| Share of income from equity method investments | — | 2,365 | 1,583 | ||||||||
| Gain on revaluation of loan receivable | — | 11,804 | — | ||||||||
| Gain on revaluation of equity method investment | — | 32,469 | — | ||||||||
| Loss on revaluation of financial instruments | (452 | ) | (6,248 | ) | (12,042 | ) | |||||
| Impairment loss on other investments | — | (25,650 | ) | (23,350 | ) | ||||||
| Foreign currency transaction gain (loss) | (28,588 | ) | 57,859 | (7,324 | ) | ||||||
| Loss on held-for-sale assets | (5,532 | ) | (11,202 | ) | — | ||||||
| Change in allowance for credit loss on non-operating loan | (4,875 | ) | — | — | |||||||
| Other, net | (241 | ) | (301 | ) | 1,029 | ||||||
| Total other income | 275 | 113,115 | 11,131 | ||||||||
| Income (loss) before income taxes | (17,120 | ) | 36,586 | (73,669 | ) | ||||||
| Income tax benefit | (14,191 | ) | (3,436 | ) | (3,230 | ) | |||||
| Income (loss) from continuing operations | (2,929 | ) | 40,022 | (70,439 | ) | ||||||
| Loss from discontinued operations | — | — | (4,114 | ) | |||||||
| Net income (loss) | (2,929 | ) | 40,022 | (74,553 | ) | ||||||
| Net income (loss) attributable to non-controlling interest | 6,518 | (1,058 | ) | (590 | ) | ||||||
| Net income (loss) attributable to | $ | (9,447 | ) | $ | 41,080 | $ | (73,963 | ) | |||
| Comprehensive income (loss) | |||||||||||
| Net income (loss) | $ | (2,929 | ) | $ | 40,022 | $ | (74,553 | ) | |||
| Other comprehensive income (loss) | |||||||||||
| Foreign exchange gain (loss) on translation | 48,721 | (86,321 | ) | 21,539 | |||||||
| Comprehensive income (loss) | 45,792 | (46,299 | ) | (53,014 | ) | ||||||
| Comprehensive income (loss) attributable to non-controlling interest | 8,556 | (3,176 | ) | (526 | ) | ||||||
| Comprehensive income (loss) attributable to | $ | 37,236 | $ | (43,123 | ) | $ | (52,488 | ) | |||
| Net income (loss) per share | |||||||||||
| Basic - continuing operations | $ | (0.02 | ) | $ | 0.11 | $ | (0.18 | ) | |||
| Basic - discontinued operations | $ | — | $ | — | $ | (0.01 | ) | ||||
| Basic net income (loss) per share attributable to | $ | (0.02 | ) | $ | 0.11 | $ | (0.19 | ) | |||
| Diluted - continuing operations | $ | (0.02 | ) | $ | 0.11 | $ | (0.18 | ) | |||
| Diluted - discontinued operations | $ | — | $ | — | $ | (0.01 | ) | ||||
| Diluted net income (loss) per share attributable to | $ | (0.02 | ) | $ | 0.11 | $ | (0.19 | ) | |||
| Weighted average number of outstanding shares | |||||||||||
| Basic | 383,468,522 | 382,058,056 | 380,964,739 | ||||||||
| Diluted | 383,468,522 | 385,557,002 | 380,964,739 | ||||||||
(i) In the second quarter of 2023, the Company exited its
| Three months ended | |||||||
| 2025 | 2024 | ||||||
| Net revenue, before excise taxes | $ | 58,385 | $ | 41,182 | |||
| Excise taxes | (13,854 | ) | (10,881 | ) | |||
| Net revenue | 44,531 | 30,301 | |||||
| Cost of sales | 28,280 | 19,494 | |||||
| Inventory write-down | 62 | — | |||||
| Gross profit | 16,189 | 10,807 | |||||
| Operating expenses | |||||||
| Sales and marketing | 6,551 | 6,413 | |||||
| Research and development | 1,382 | 1,028 | |||||
| General and administrative | 12,900 | 12,080 | |||||
| Restructuring costs | 502 | — | |||||
| Share-based compensation | 1,248 | 2,187 | |||||
| Depreciation and amortization | 402 | 464 | |||||
| Impairment loss on goodwill and indefinite-lived intangible assets | 700 | — | |||||
| Total operating expenses | 23,685 | 22,172 | |||||
| Operating loss | (7,496 | ) | (11,365 | ) | |||
| Other income (expense) | |||||||
| Interest income, net | 9,559 | 11,863 | |||||
| Gain (loss) on revaluation of financial instruments | (3,927 | ) | 302 | ||||
| Foreign currency transaction gain (loss) | (10,418 | ) | 45,489 | ||||
| Loss on held-for-sale assets | — | (780 | ) | ||||
| Change in allowance for credit loss on non-operating loan | (104 | ) | — | ||||
| Other, net | — | 436 | |||||
| Total other income (expense) | (4,890 | ) | 57,310 | ||||
| Income (loss) before income taxes | (12,386 | ) | 45,945 | ||||
| Income tax expense (benefit) | (11,895 | ) | 2,004 | ||||
| Net income | (491 | ) | 43,941 | ||||
| Net income attributable to non-controlling interest | 1,325 | 212 | |||||
| Net income (loss) attributable to | $ | (1,816 | ) | $ | 43,729 | ||
| Comprehensive loss | |||||||
| Net income (loss) | $ | (491 | ) | $ | 43,941 | ||
| Other comprehensive income (loss) | |||||||
| Foreign exchange gain (loss) on translation | 17,580 | (66,208 | ) | ||||
| Comprehensive income (loss) | 17,089 | (22,267 | ) | ||||
| Comprehensive income (loss) attributable to non-controlling interest | 2,072 | (2,832 | ) | ||||
| Comprehensive income (loss) attributable to | $ | 15,017 | $ | (19,435 | ) | ||
| Net income (loss) per share | |||||||
| Basic - continuing operations | $ | — | $ | 0.11 | |||
| Basic - discontinued operations | $ | — | $ | — | |||
| Basic net income (loss) per share attributable to | $ | — | $ | 0.11 | |||
| Diluted - continuing operations | $ | — | $ | 0.11 | |||
| Diluted - discontinued operations | $ | — | $ | — | |||
| Diluted net income (loss) per share attributable to | $ | — | $ | 0.11 | |||
| Weighted average number of outstanding shares | |||||||
| Basic | 382,531,225 | 382,340,893 | |||||
| Diluted | 382,531,225 | 386,525,110 | |||||
Consolidated Statements of Cash Flows (In thousands of | |||||||||||
| Year ended | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Operating activities | |||||||||||
| Net income (loss) | $ | (2,929 | ) | $ | 40,022 | $ | (74,553 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Share-based compensation | 7,050 | 8,700 | 8,769 | ||||||||
| Depreciation and amortization | 14,231 | 9,336 | 8,110 | ||||||||
| Impairment loss on goodwill and indefinite-lived intangible assets | 700 | — | — | ||||||||
| Impairment loss on long-lived assets | 36 | 16,350 | 3,571 | ||||||||
| Impairment loss on other investments | — | 25,650 | 23,350 | ||||||||
| Loss from investments | 446 | 3,841 | 10,513 | ||||||||
| Changes in expected credit losses on long-term financial assets | 4,859 | 1,032 | (1,528 | ) | |||||||
| Revaluation of equity method investment | — | (32,469 | ) | — | |||||||
| Revaluation of loan receivable | — | (11,804 | ) | — | |||||||
| Loss on held-for-sale assets | 5,532 | 11,202 | — | ||||||||
| Inventory step-up recorded to cost of sales | 517 | 5,284 | — | ||||||||
| Foreign currency (gain) loss | 28,588 | (57,859 | ) | 7,324 | |||||||
| Other non-cash operating activities, net | 1,250 | (131 | ) | (1,923 | ) | ||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (16,741 | ) | (917 | ) | 9,206 | ||||||
| Interest receivable | (11 | ) | (3,656 | ) | (14,344 | ) | |||||
| Other receivables | (9,001 | ) | 2,059 | (1,449 | ) | ||||||
| Prepaids and other current assets | (1,802 | ) | (512 | ) | 1,437 | ||||||
| Inventory, net | (10,395 | ) | 7,417 | 7,399 | |||||||
| Accounts payable | 1,108 | (7,449 | ) | (773 | ) | ||||||
| Income taxes payable | (10 | ) | (93 | ) | (33,104 | ) | |||||
| Accrued liabilities | 2,438 | 2,840 | 5,160 | ||||||||
| Net cash provided by (used in) operating activities | 25,866 | 18,843 | (42,835 | ) | |||||||
| Investing activities | |||||||||||
| Purchase of short-term investments | (40,000 | ) | — | (608,247 | ) | ||||||
| Proceeds from short-term investments | — | 185,817 | 532,838 | ||||||||
| Purchase of other investments | (5,107 | ) | — | — | |||||||
| Proceeds from sale of held for sale assets | 2,847 | — | — | ||||||||
| Cash acquired in business combination | — | 5,993 | — | ||||||||
| Advances on loans receivable | (13,307 | ) | (8,759 | ) | — | ||||||
| Proceeds from repayment on loans receivable | 5,064 | 5,252 | 16,831 | ||||||||
| Dividends received from equity method investment | — | — | 1,297 | ||||||||
| Dividend proceeds | — | — | 345 | ||||||||
| Purchase of property, plant and equipment | (25,717 | ) | (12,411 | ) | (2,505 | ) | |||||
| Purchase of intangible assets, net of disposals | (339 | ) | (743 | ) | (918 | ) | |||||
| Other investing activities | — | — | 860 | ||||||||
| Net cash provided by (used in) investing activities | (76,559 | ) | 175,149 | (59,499 | ) | ||||||
| Financing activities | |||||||||||
| Repurchases of common stock | (9,741 | ) | — | — | |||||||
| Dividend paid to non-controlling interest | (6,413 | ) | — | — | |||||||
| Withholding taxes paid on share-based awards | (3,751 | ) | (1,231 | ) | (1,030 | ) | |||||
| Net cash used in financing activities | (19,905 | ) | (1,231 | ) | (1,030 | ) | |||||
| Effect of foreign currency translation on cash and cash equivalents | 3,587 | (3,247 | ) | 8,011 | |||||||
| Net change in cash and cash equivalents | (67,011 | ) | 189,514 | (95,353 | ) | ||||||
| Cash and cash equivalents, beginning of period | 858,805 | 669,291 | 764,644 | ||||||||
| Cash and cash equivalents, end of period | $ | 791,794 | $ | 858,805 | $ | 669,291 | |||||
| Supplementary cash flow information: | |||||||||||
| Interest paid | $ | — | $ | — | $ | — | |||||
| Interest received | 39,130 | 48,399 | 36,501 | ||||||||
| Income taxes paid | $ | 104 | $ | 647 | $ | 33,013 | |||||
Non-GAAP Measures
Cronos reports its financial results in accordance with Generally Accepted Accounting Principles in
Adjusted EBITDA
Management reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-cash items and items that do not reflect management’s assessment of ongoing business performance. Management defines Adjusted EBITDA as net income (loss) before interest, tax expense (benefit), depreciation and amortization adjusted for: share of (income) loss from equity method investments; impairment loss on goodwill and intangible assets; impairment loss on long-lived assets; (gain) loss on revaluation of derivative liabilities; (gain) loss on revaluation of financial instruments; gain on revaluation of loan receivable; gain on revaluation of equity method investment; transaction costs related to strategic projects; loss on held-for-sale assets; impairment loss on other investments; foreign currency transaction (gain) loss; other, net; loss from discontinued operations; change in allowance for credit loss on non-operating loan; restructuring costs; inventory write-downs resulting from restructuring actions; share-based compensation; costs related to the
Management believes that Adjusted EBITDA provides the most useful insight into underlying business trends and results and provides a more meaningful comparison of period-over-period results. Management uses Adjusted EBITDA for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets.
Beginning in 2025, the Company modified the composition of Adjusted EBITDA to exclude the impact of the provision for expected credit losses recognized under ASC 326 solely with respect to the High Tide Loan (see Note 6 “Loans Receivable, net” to the consolidated financial statements under Item 8 of our Annual Report for further information). Management determined that excluding this non-cash provision provides investors with additional insight into period-over-period operating performance by isolating credit-risk movements unrelated to the Company’s core operations.
Management believes that this change provides additional information regarding the Company’s ongoing operational results and enhances comparability with peers that do not routinely extend credit to third parties. This change does not affect the Company’s GAAP financial statements.
The following tables set forth a reconciliation of Net income (loss) as determined in accordance with
| (in thousands of | For the year ended | |||||||||
| Continuing Operations | Discontinued Operations | Total | ||||||||
| Net loss | $ | (2,929 | ) | $ | — | $ | (2,929 | ) | ||
| Interest income, net | (39,963 | ) | — | (39,963 | ) | |||||
| Income tax benefit | (14,191 | ) | — | (14,191 | ) | |||||
| Depreciation and amortization | 14,231 | — | 14,231 | |||||||
| EBITDA | (42,852 | ) | — | (42,852 | ) | |||||
| Impairment loss on goodwill and indefinite-lived intangible assets(i) | 700 | — | 700 | |||||||
| Impairment loss on long-lived assets(ii) | 36 | — | 36 | |||||||
| Loss on revaluation of financial instruments(v) | 452 | — | 452 | |||||||
| Foreign currency transaction loss | 28,588 | — | 28,588 | |||||||
| Transaction costs(vii) | 1,965 | — | 1,965 | |||||||
| Loss on held-for-sale assets(viii) | 5,532 | — | 5,532 | |||||||
| Other, net(ix) | 241 | — | 241 | |||||||
| Restructuring costs(x) | 2,037 | — | 2,037 | |||||||
| Share-based compensation(xi) | 7,050 | — | 7,050 | |||||||
| Restatement litigation costs(xii) | 275 | — | 275 | |||||||
| Inventory step-up recorded to cost of sales(xiii) | 517 | — | 517 | |||||||
| 694 | — | 694 | ||||||||
| Change in allowance for credit loss on non-operating loan(xv) | 4,875 | — | 4,875 | |||||||
| Adjusted EBITDA | $ | 10,110 | $ | — | $ | 10,110 | ||||
| (in thousands of | For the year ended | |||||||||
| Continuing Operations | Discontinued Operations | Total | ||||||||
| Net income | $ | 40,022 | $ | — | $ | 40,022 | ||||
| Interest income, net | (52,019 | ) | — | (52,019 | ) | |||||
| Income tax benefit | (3,436 | ) | — | (3,436 | ) | |||||
| Depreciation and amortization | 9,336 | — | 9,336 | |||||||
| EBITDA | (6,097 | ) | — | (6,097 | ) | |||||
| Share of income from equity method investments | (2,365 | ) | — | (2,365 | ) | |||||
| Impairment loss on long-lived assets(ii) | 16,350 | — | 16,350 | |||||||
| Revaluation gain on loan receivable(iii) | (11,804 | ) | — | (11,804 | ) | |||||
| Gain on revaluation of equity method investment(iv) | (32,469 | ) | — | (32,469 | ) | |||||
| Loss on revaluation of financial instruments(v) | 6,248 | — | 6,248 | |||||||
| Impairment loss on other investments(vi) | 25,650 | — | 25,650 | |||||||
| Foreign currency transaction gain | (57,859 | ) | — | (57,859 | ) | |||||
| Transaction costs(vii) | 701 | 701 | ||||||||
| Loss on held-for-sale assets(viii) | 11,202 | — | 11,202 | |||||||
| Other, net(ix) | 301 | — | 301 | |||||||
| Restructuring costs(x) | 630 | — | 630 | |||||||
| Share-based compensation(xi) | 8,700 | — | 8,700 | |||||||
| Restatement litigation costs(xii) | (1 | ) | — | (1 | ) | |||||
| Inventory step-up recorded to cost of sales(xiii) | 5,284 | — | 5,284 | |||||||
| 587 | — | 587 | ||||||||
| Adjusted EBITDA | $ | (34,942 | ) | $ | — | $ | (34,942 | ) | ||
| (in thousands of | Three months ended | |||||||||
| Continuing Operations | Discontinued Operations | Total | ||||||||
| Net loss | $ | (491 | ) | $ | — | $ | (491 | ) | ||
| Interest income, net | (9,559 | ) | — | (9,559 | ) | |||||
| Income tax benefit | (11,895 | ) | — | (11,895 | ) | |||||
| Depreciation and amortization | 3,657 | — | 3,657 | |||||||
| EBITDA | (18,288 | ) | — | (18,288 | ) | |||||
| Impairment loss on goodwill and indefinite-lived intangible assets(i) | 700 | — | 700 | |||||||
| Loss on revaluation of financial instruments(v) | 3,927 | — | 3,927 | |||||||
| Foreign currency loss | 10,418 | — | 10,418 | |||||||
| Transaction costs(vii) | 1,346 | — | 1,346 | |||||||
| Other, net(ix) | — | — | — | |||||||
| Restructuring costs(x) | 502 | — | 502 | |||||||
| Share-based compensation(xi) | 1,248 | — | 1,248 | |||||||
| Restatement litigation costs(xii) | 461 | — | 461 | |||||||
| 38 | — | 38 | ||||||||
| Change in allowance for credit loss on non-operating loan(xv) | 104 | — | 104 | |||||||
| Adjusted EBITDA | $ | 456 | $ | — | $ | 456 | ||||
| (in thousands of | Three months ended | |||||||||
| Continuing Operations | Discontinued Operations | Total | ||||||||
| Net income | $ | 43,941 | $ | — | $ | 43,941 | ||||
| Interest income, net | (11,863 | ) | — | (11,863 | ) | |||||
| Income tax expense | 2,004 | — | 2,004 | |||||||
| Depreciation and amortization | 2,525 | — | 2,525 | |||||||
| EBITDA | 36,607 | — | 36,607 | |||||||
| Gain on revaluation of financial instruments(v) | (302 | ) | — | (302 | ) | |||||
| Foreign currency gain | (45,489 | ) | — | (45,489 | ) | |||||
| Transaction costs(vii) | 171 | — | 171 | |||||||
| Loss on held-for-sale assets(viii) | 780 | — | 780 | |||||||
| Other, net(ix) | (436 | ) | — | (436 | ) | |||||
| Share-based compensation(xi) | 2,187 | — | 2,187 | |||||||
| Restatement litigation costs(xii) | 524 | — | 524 | |||||||
| Inventory step-up recorded to cost of sales(xiii) | (1,832 | ) | — | (1,832 | ) | |||||
| 587 | — | 587 | ||||||||
| Adjusted EBITDA | $ | (7,203 | ) | $ | — | $ | (7,203 | ) | ||
(i) For the year ended
(ii) For the year ended
(iii) For the year ended
(iv) For the year ended
(v) For the year ended
(vi) For the year ended
(vii) For the years ended
(viii) For the years ended
(ix) For the year ended
(x) For the year ended
(xi) For the year ended
(xii) For the years ended
(xiii) For the years ended
(xiv) For the year ended
(xv) For the years ended
Adjusted Gross Profit and Adjusted Gross Margin
To supplement the consolidated financial statements presented in accordance with
Management believes that Adjusted Gross Profit and Adjusted Gross Margin provide useful insight into underlying business trends to facilitate comparisons of period-over-period results by removing the impacts of inventory-related purchase accounting adjustments resulting from the Cronos GrowCo Transaction, which reflect a one-time event and do not reflect management’s assessment of ongoing business performance.
The following table sets forth a reconciliation of Gross profit and Gross margin, each as determined in accordance with
| (in thousands of | Three months ended | Change | Year ended | Change | ||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||
| Net revenue | $ | 44,531 | $ | 30,301 | $ | 14,230 | 47 | % | $ | 146,587 | $ | 117,615 | $ | 28,972 | 25 | % | ||||||||||||
| Gross profit | $ | 16,189 | $ | 10,807 | $ | 5,382 | 50 | % | $ | 62,759 | $ | 25,198 | $ | 37,561 | 149 | % | ||||||||||||
| Inventory step-up recorded to cost of sales | — | (1,832 | ) | 1,832 | N/M | 517 | 5,284 | (4,767 | ) | N/M | ||||||||||||||||||
| Adjusted Gross Profit | $ | 16,189 | $ | 8,975 | $ | 7,214 | 80 | % | $ | 63,276 | $ | 30,482 | $ | 32,794 | 108 | % | ||||||||||||
| Gross margin(i) | 36 | % | 36 | % | N/A | —pp | 43 | % | 21 | % | N/A | 22pp | ||||||||||||||||
| Adjusted Gross Margin(ii) | 36 | % | 30 | % | N/A | 6pp | 43 | % | 26 | % | N/A | 17pp | ||||||||||||||||
(i) Gross margin is defined as gross profit divided by net revenue.
(ii) Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.
Constant Currency
To supplement the consolidated financial statements presented in accordance with
The table below sets forth certain measures of consolidated results from continuing operations on an as-reported and constant currency basis for 2025 compared to 2024, as well as cash and cash equivalents and short-term investments as of
| As Reported | As Adjusted for Constant Currency | ||||||||||||||||||||||||
| Three months ended | As Reported Change | Three months ended | Constant Currency Change | ||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | |||||||||||||||||||
| Net revenue | $ | 44,531 | $ | 30,301 | $ | 14,230 | 47 | % | $ | 42,924 | $ | 12,623 | 42 | % | |||||||||||
| Gross profit | 16,189 | 10,807 | 5,382 | 50 | % | 15,273 | 4,466 | 41 | % | ||||||||||||||||
| Gross margin | 36 | % | 36 | % | N/A | —pp | 36 | % | N/A | —pp | |||||||||||||||
| Operating expenses | 23,685 | 22,172 | 1,513 | 7 | % | 23,185 | 1,013 | 5 | % | ||||||||||||||||
| Net income (loss) | (491 | ) | 43,941 | (44,432 | ) | (101)% | (769 | ) | (44,710 | ) | N/M | ||||||||||||||
| Adjusted EBITDA | 456 | (7,203 | ) | 7,659 | N/M | (98 | ) | 7,105 | N/M | ||||||||||||||||
| As Reported | As Adjusted for Constant Currency | ||||||||||||||||||||||||
| Year ended | As Reported Change | Year ended | Constant Currency Change | ||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | |||||||||||||||||||
| Net revenue | $ | 146,587 | $ | 117,615 | $ | 28,972 | 25 | % | $ | 145,402 | $ | 27,787 | 24 | % | |||||||||||
| Gross profit | 62,759 | 25,198 | 37,561 | 149 | % | 61,802 | 36,604 | 145 | % | ||||||||||||||||
| Gross margin | 43 | % | 21 | % | N/A | 22 pp | 43 | % | N/A | 22pp | |||||||||||||||
| Operating expenses | 80,154 | 101,727 | (21,573 | ) | (21)% | 80,247 | (21,480 | ) | (21)% | ||||||||||||||||
| Net income (loss) | (2,929 | ) | 40,022 | (42,951 | ) | N/M | (4,289 | ) | (44,311 | ) | N/M | ||||||||||||||
| Adjusted EBITDA | 10,110 | (34,942 | ) | 45,052 | N/M | 8,555 | 43,497 | N/M | |||||||||||||||||
| As of | As Reported Change | As of | Constant Currency Change | ||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | |||||||||||||||||||
| Cash and cash equivalents | $ | 791,794 | $ | 858,805 | $ | (67,011 | ) | (8)% | $ | 788,204 | $ | (70,601 | ) | (8)% | |||||||||||
| Short-term investments | 40,000 | — | 40,000 | N/A | 40,000 | 40,000 | N/A | ||||||||||||||||||
| Total cash and cash equivalents and short-term investments | $ | 831,794 | $ | 858,805 | $ | (27,011 | ) | (3) % | $ | 828,204 | $ | (30,601 | ) | (4)% | |||||||||||
Net revenue
| As Reported | As Adjusted for Constant Currency | |||||||||||||||||||||
| Three months ended | As Reported Change | Three months ended | Constant Currency Change | |||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | ||||||||||||||||
| Cannabis flower | $ | 33,745 | $ | 23,398 | $ | 10,347 | 44 | % | $ | 32,225 | $ | 8,827 | 38 | % | ||||||||
| Cannabis extracts | 10,768 | 6,588 | 4,180 | 63 | % | 10,681 | 4,093 | 62 | % | |||||||||||||
| Other | 18 | 315 | (297 | ) | (94)% | 18 | (297 | ) | (94)% | |||||||||||||
| Net revenue | $ | 44,531 | $ | 30,301 | $ | 14,230 | 47 | % | $ | 42,924 | $ | 12,623 | 42 | % | ||||||||
| As Reported | As Adjusted for Constant Currency | |||||||||||||||||||||
| Year ended | As Reported Change | Year ended | Constant Currency Change | |||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | ||||||||||||||||
| Cannabis flower | $ | 108,476 | $ | 87,912 | $ | 20,564 | 23 | % | $ | 106,677 | $ | 18,765 | 21 | % | ||||||||
| Cannabis extracts | 37,700 | 29,168 | 8,532 | 29 | % | 38,320 | 9,152 | 31 | % | |||||||||||||
| Other | 411 | 535 | (124 | ) | (23)% | 405 | (130 | ) | (24)% | |||||||||||||
| Net revenue | $ | 146,587 | $ | 117,615 | $ | 28,972 | 25 | % | $ | 145,402 | $ | 27,787 | 24 | % | ||||||||
| As Reported | As Adjusted for Constant Currency | |||||||||||||||||||
| Three months ended | As Reported Change | Three months ended | Constant Currency Change | |||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | ||||||||||||||
| $ | 27,918 | $ | 19,657 | $ | 8,261 | 42 | % | $ | 27,312 | $ | 7,655 | 39 | % | |||||||
| 11,838 | 7,803 | 4,035 | 52 | % | 10,386 | 2,583 | 33 | % | ||||||||||||
| Other countries | 4,775 | 2,841 | 1,934 | 68 | % | 5,226 | 2,385 | 84 | % | |||||||||||
| Net revenue | $ | 44,531 | $ | 30,301 | $ | 14,230 | 47 | % | $ | 42,924 | $ | 12,623 | 42 | % | ||||||
| As Reported | As Adjusted for Constant Currency | |||||||||||||||||||
| Year ended | As Reported Change | Year ended | Constant Currency Change | |||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | $ | % | ||||||||||||||
| $ | 90,330 | $ | 82,437 | $ | 7,893 | 10 | % | $ | 91,840 | $ | 9,403 | 11 | % | |||||||
| 41,796 | 28,368 | 13,428 | 47 | % | 38,773 | 10,405 | 37 | % | ||||||||||||
| Other countries | 14,461 | 6,810 | 7,651 | 112 | % | 14,789 | 7,979 | 117 | % | |||||||||||
| Net revenue | $ | 146,587 | $ | 117,615 | $ | 28,972 | 25 | % | $ | 145,402 | $ | 27,787 | 24 | % | ||||||
For the three months ended
Gross profit
For the three months ended
Operating expenses
For the three months ended
Net income (loss)
For the three months ended
Adjusted EBITDA
For the three months ended
Cash and cash equivalents & short-term investments
Cash and cash equivalents and short-term investments on a constant currency basis decreased 4% to
Foreign currency exchange rates
All currency amounts in this press release are stated in
The exchange rates used to translate from Canadian dollars (“C$”) to dollars are shown below:
| (Exchange rates are shown as C$ per $) | Year ended | ||||
| 2025 | 2024 | 2023 | |||
| Average rate | 1.3975 | 1.3700 | 1.3494 | ||
| Spot rate | 1.3698 | 1.4351 | 1.3243 | ||
The exchange rates used to translate from New Israeli Shekels (“ILS”) to dollars are shown below:
| (Exchange rates are shown as ILS per $) | Year ended | ||||
| 2025 | 2024 | 2023 | |||
| Average rate | 3.4432 | 3.6997 | 3.6819 | ||
| Spot rate | 3.1863 | 3.6526 | 3.6163 | ||
For further information, please contact:
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
1 Market share and ranking information from pharmacy data collected by Cronos - Q4 2025..
2 Hifyre Retail Analytics - National Retail Dollar by Brand in
3 Market share and ranking information from pharmacy data collected by Cronos - Q4 2025.
4 Based on EUR/USD exchange rate of 1.165 as of
5 CanAdelaar revenue and EBITDA are provided by CanAdelaar management, unaudited and prepared under Dutch generally accepted accounting principles (“Dutch GAAP”).
6 Based on EUR/USD exchange rate of 1.165 as of
7 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of Wietexperiment coffee shops.
