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 in Canada, Israel, and international markets.

• 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.

• International markets saw robust growth: Israel net revenue up 52% YoY, other international markets up 68% led by Germany.

• 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 $44.5 million, up 47% YoY; FY 2025 net revenue was $146.6 million, up 25% YoY.

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

• Q4 adjusted EBITDA was $0.5 million, up $7.7 million YoY; FY 2025 adjusted EBITDA was $10.1 million, up $45.1 million YoY.

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

• Ended Q4 with $791.8 million in cash and $40 million in 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 depending on market mix and CanAdelaar integration.

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

• Focus remains on sustainable top-line growth, attractive gross margins, and disciplined cost management.