Cronos Group (CRON) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue in Q4 2025 ($44.5M, up 47% YoY) and FY 2025 ($146.6M, up 25% YoY), driven by strong consumer demand and international expansion, especially in Israel and Germany.

• Canadian net revenue rose 42% YoY in Q4, led by flower, vapes, and edibles, with Spinach becoming the #2 vape brand nationally.

• Eighth consecutive quarter of record net revenue in Israel, with PEACE NATURALS® as the top cannabis brand.

• Maintained industry-leading balance sheet with $832M in cash and short-term investments.

• Announced acquisition of CanAdelaar, the largest operator in the Netherlands' legal adult use cannabis program, for €57.5 million upfront plus earnouts, expected to close H1 2026.

Financial highlights

• Q4 2025 consolidated net revenue was $44.5M (+47% YoY); FY 2025 net revenue was $146.6M (+25% YoY).

• Q4 2025 gross profit was $16.2M (36% margin, +50% YoY); FY 2025 gross profit was $62.8M (+149% YoY).

• Q4 2025 adjusted EBITDA was $0.5M (up $7.7M YoY); FY 2025 adjusted EBITDA was $10.1M (up $45.1M YoY).

• Q4 2025 net loss was $0.5M; FY 2025 net loss was $2.9M, mainly due to foreign currency losses.

• Ended Q4 with $832M in cash equivalents and short-term investments.

Outlook and guidance

• Expects sustainable net revenue and Adjusted EBITDA growth in 2026, leveraging CanAdelaar acquisition and GrowCo expansion.

• Guidance for gross margin to remain around the 43% FY 2025 level, with potential for expansion but also risk of compression in Europe.

• CapEx expected to remain below $10M for 2026.

• Continued focus on share repurchases and disciplined, opportunistic M&A, with CanAdelaar expected to be accretive.

• Expects continued international growth, especially in Europe and Israel.