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Cronos Group Financials

CRON
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Cronos Group (CRON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CRON FY2025

Margin repair is pulling Cronos close to operating break-even, while a cash-heavy balance sheet keeps the transition self-funded.

Gross margin expansion from 21.4% to 42.8% shows the core economics improved enough to pull the business much closer to operating break-even. That progress mattered more than the headline loss of -$2.9M, because operating cash flow still rose to $25.9M, making cash generation a cleaner read on operating progress than net income.

With $791.8M of cash and only $54.2M of total liabilities, the company is not using leverage as its bridge to improvement. This is a very equity-funded balance sheet, so management has room to keep adjusting the cost base without the pressure of material debt service.

Free cash flow was just $149K even though operating cash flow reached $25.9M, because reinvestment absorbed almost all of that cash. That is a major shift from the larger cash burn seen earlier, but it also shows the business has only recently crossed from funding losses to roughly funding itself.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 74 / 100
Financial Health Score 74/100
Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Cronos Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway
85
Dilution
74
R&D Intensity
16
Revenue Progress
77
Burn Trend
93
Balance Sheet
99
Altman Z-Score Safe
13.33

Cronos Group scores 13.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.1B) relative to total liabilities ($54.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
6/8

Cronos Group passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-8.92x

For every $1 of reported earnings, Cronos Group generates $-8.92 in operating cash flow ($25.9M OCF vs -$2.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$146.6M
YoY+24.6%
5Y CAGR+25.7%

Cronos Group generated $146.6M in revenue in fiscal year 2025. This represents an increase of 24.6% from the prior year.

EBITDA
-$3.2M
YoY+95.3%

Cronos Group's EBITDA was -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 95.3% from the prior year.

Net Income
-$2.9M
YoY-107.3%

Cronos Group reported -$2.9M in net income in fiscal year 2025. This represents a decrease of 107.3% from the prior year.

EPS (Diluted)
$-0.02
YoY-118.2%

Cronos Group earned $-0.02 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 118.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$149K
YoY-97.7%

Cronos Group generated $149K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 97.7% from the prior year.

Cash & Debt
$791.8M
YoY-7.8%
5Y CAGR-6.0%

Cronos Group held $791.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
382M
YoY-0.2%
5Y CAGR+1.2%

Cronos Group had 382M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin
42.8%
YoY+21.4pp
5Y CAGR+98.1pp

Cronos Group's gross margin was 42.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 21.4 percentage points from the prior year.

Operating Margin
-11.9%
YoY+53.2pp
5Y CAGR+457.7pp

Cronos Group's operating margin was -11.9% in fiscal year 2025, reflecting core business profitability. This is up 53.2 percentage points from the prior year.

Net Margin
-2.0%
YoY-36.0pp
5Y CAGR+154.6pp

Cronos Group's net profit margin was -2.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 36.0 percentage points from the prior year.

Return on Equity
-0.3%
YoY-4.0pp
5Y CAGR+4.0pp

Cronos Group's ROE was -0.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$4.4M
YoY+5.2%
5Y CAGR-26.2%

Cronos Group invested $4.4M in research and development in fiscal year 2025. This represents an increase of 5.2% from the prior year.

Share Buybacks
$9.7M

Cronos Group spent $9.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$25.7M
YoY+107.2%
5Y CAGR-3.9%

Cronos Group invested $25.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 107.2% from the prior year.

CRON Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $45.2M+1.5% $44.5M+22.5% $36.3M+8.6% $33.5M+3.7% $32.3M+6.5% $30.3M-11.6% $34.3M+23.4% $27.8M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit $19.2M+18.3% $16.2M-11.7% $18.3M+26.4% $14.5M+5.6% $13.7M+27.1% $10.8M+199.3% $3.6M-42.7% $6.3M
R&D Expenses $1.4M+2.2% $1.4M+2.8% $1.3M+44.8% $929K+17.2% $793K-22.9% $1.0M-17.2% $1.2M+29.1% $962K
SG&A Expenses $11.7M-9.0% $12.9M+39.4% $9.3M-12.2% $10.5M+13.2% $9.3M-22.9% $12.1M-5.3% $12.8M-0.1% $12.8M
Operating Income -$1.8M+75.5% -$7.5M-1390.3% -$503K+90.6% -$5.3M-30.7% -$4.1M+64.2% -$11.4M+66.2% -$33.7M-116.3% -$15.6M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $2.4M+120.4% -$11.9M-803.9% -$1.3M-150.7% -$525K-15.4% -$455K-122.7% $2.0M+174.0% -$2.7M-24.6% -$2.2M
Net Income $13.8M+190.7% $4.7M-81.8% $26.0M+165.4% -$39.7M-748.7% $6.1M-85.6% $42.6M+410.8% $8.3M+195.3% -$8.8M
EPS (Diluted) $0.04 N/A $0.07+170.0% $-0.10-600.0% $0.02 N/A $0.02+200.0% $-0.02

CRON Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $1.2B-2.1% $1.2B+1.6% $1.2B+0.3% $1.2B+1.9% $1.2B-1.1% $1.2B-1.5% $1.2B+8.5% $1.1B
Current Assets $927.9M-1.7% $944.1M+2.4% $922.2M-0.5% $927.1M+0.9% $918.6M-1.9% $936.1M-2.4% $959.2M+2.6% $935.3M
Cash & Equivalents $821.9M+3.8% $791.8M+1.0% $784.2M-1.3% $794.4M-0.4% $797.8M-7.1% $858.8M-0.4% $862.0M+1.6% $848.2M
Inventory $48.7M+4.1% $46.8M-2.9% $48.2M+14.3% $42.1M+21.8% $34.6M+4.4% $33.1M-29.8% $47.3M+61.9% $29.2M
Accounts Receivable $33.0M-3.3% $34.1M+25.9% $27.1M+1.8% $26.6M+42.2% $18.7M+21.0% $15.5M-24.5% $20.5M+26.6% $16.2M
Goodwill $65.4M-1.6% $66.5M+1.6% $65.4M-2.2% $66.9M+5.8% $63.3M-0.3% $63.5M+66.9% $38.0M+3613.7% $1.0M
Total Liabilities $48.3M-10.9% $54.2M+16.9% $46.4M+3.0% $45.0M+15.3% $39.1M-29.4% $55.3M+4.7% $52.8M+49.8% $35.3M
Current Liabilities $42.4M-12.0% $48.2M+17.3% $41.1M+9.2% $37.6M+13.8% $33.0M-33.5% $49.7M+25.6% $39.6M+19.7% $33.1M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $1.1B-1.8% $1.1B+1.1% $1.1B0.0% $1.1B+1.5% $1.1B+0.2% $1.1B-1.6% $1.1B+2.1% $1.1B
Retained Earnings $460.5M+2.9% $447.8M-0.5% $450.0M+6.1% $424.1M-8.6% $463.8M+1.3% $457.7M+10.6% $414.0M+2.1% $405.6M

CRON Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $10.9M-7.9% $11.8M-11.1% $13.3M+372.3% $2.8M+234.4% -$2.1M-127.2% $7.7M-33.4% $11.6M+564.2% $1.7M
Capital Expenditures $1.9M-12.3% $2.1M-52.3% $4.5M+16.8% $3.8M-74.9% $15.3M+330.7% $3.5M-44.8% $6.4M+780.0% $729K
Free Cash Flow $9.0M-6.9% $9.7M+9.9% $8.8M+966.1% -$1.0M+94.1% -$17.4M-515.5% $4.2M-19.2% $5.2M+409.2% $1.0M
Investing Cash Flow $38.0M+1267.0% $2.8M+112.1% -$23.0M-2240.0% -$983K+98.2% -$55.4M-1000.1% -$5.0M-515.2% -$818K+90.4% -$8.6M
Financing Cash Flow -$18.3M-146.1% -$7.4M-297.8% -$1.9M+75.7% -$7.7M-162.3% -$2.9M-836.1% -$313K-2307.7% -$13K+95.0% -$260K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $16.7M+291.8% $4.3M+129.7% $1.9M-48.5% $3.6M $0 $0 $0 N/A

CRON Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 42.4%+6.0pp 36.4%-14.1pp 50.4%+7.1pp 43.4%+0.8pp 42.6%+6.9pp 35.7%+25.1pp 10.5%-12.1pp 22.7%
Operating Margin -4.0%+12.8pp -16.8%-15.4pp -1.4%+14.5pp -15.9%-3.3pp -12.6%+24.9pp -37.5%+60.7pp -98.2%-42.2pp -56.0%
Net Margin 30.4%+19.8pp 10.6%-60.8pp 71.4%+190.1pp -118.7%-137.7pp 19.0%-121.8pp 140.8%+116.4pp 24.4%+55.9pp -31.5%
Return on Equity 1.3%+0.9pp 0.4%-2.0pp 2.4%+6.1pp -3.7%-4.2pp 0.6%-3.4pp 4.0%+3.2pp 0.8%+1.6pp -0.8%
Return on Assets 1.2%+0.8pp 0.4%-1.8pp 2.2%+5.6pp -3.4%-3.9pp 0.5%-3.1pp 3.7%+2.9pp 0.7%+1.5pp -0.8%
Current Ratio 21.87+2.3 19.59-2.9 22.45-2.2 24.65-3.1 27.80+9.0 18.84-5.4 24.24-4.0 28.29
Debt-to-Equity 0.040.0 0.050.0 0.040.0 0.040.0 0.04-0.0 0.050.0 0.05+0.0 0.03
FCF Margin 20.0%-1.8pp 21.8%-2.5pp 24.3%+27.3pp -3.0%+50.7pp -53.8%-67.6pp 13.8%-1.3pp 15.1%+11.4pp 3.7%

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Frequently Asked Questions

Cronos Group (CRON) reported $146.6M in total revenue for fiscal year 2025. This represents a 24.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Cronos Group (CRON) revenue grew by 24.6% year-over-year, from $117.6M to $146.6M in fiscal year 2025.

No, Cronos Group (CRON) reported a net income of -$2.9M in fiscal year 2025, with a net profit margin of -2.0%.

Cronos Group (CRON) reported diluted earnings per share of $-0.02 for fiscal year 2025. This represents a -118.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Cronos Group (CRON) had EBITDA of -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Cronos Group (CRON) had a gross margin of 42.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Cronos Group (CRON) had an operating margin of -11.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Cronos Group (CRON) had a net profit margin of -2.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Cronos Group (CRON) has a return on equity of -0.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Cronos Group (CRON) generated $149K in free cash flow during fiscal year 2025. This represents a -97.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Cronos Group (CRON) generated $25.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Cronos Group (CRON) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Cronos Group (CRON) invested $25.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Cronos Group (CRON) invested $4.4M in research and development during fiscal year 2025.

Yes, Cronos Group (CRON) spent $9.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Cronos Group (CRON) had 382M shares outstanding as of fiscal year 2025.

Cronos Group (CRON) had a current ratio of 19.59 as of fiscal year 2025, which is generally considered healthy.

Cronos Group (CRON) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Cronos Group (CRON) had a return on assets of -0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Cronos Group (CRON) has an Altman Z-Score of 13.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Cronos Group (CRON) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Cronos Group (CRON) has an earnings quality ratio of -8.92x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Cronos Group (CRON) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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