TORONTO, Ontario — February 26, 2026 — Leads & Copy —
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has announced its fourth quarter and full-year business results for 2025, reporting a 47% year-over-year increase in net revenue for Q4, reaching $44.5 million. The company’s full-year net revenue for 2025 also saw a 25% increase, totaling $146.6 million.
According to Mike Gorenstein, Chairman, President, and CEO of Cronos, the company delivered record net revenue, gross profit, and Adjusted EBITDA in 2025. He cited the strength of the company’s core business, progress towards strategic priorities, strong consumer demand for leading brands, the completion of the expansion at Cronos GrowCo, and increasing contributions from international markets as factors driving the record results.
Cronos also reported an industry-leading balance sheet with $832 million in cash and cash equivalents and short-term investments.
The company also noted PEACE NATURALS® as the number one cannabis brand in Israel, achieving its eighth consecutive quarter of record net revenue there.
Looking ahead to 2026, Gorenstein noted the pending acquisition of CanAdelaar, which is expected to provide Cronos with a strategic footprint in Europe and allow it to leverage its borderless product strategy in the Netherlands’ legal adult-use cannabis market.
Outside the Netherlands, Cronos expects scale benefits from Cronos GrowCo’s expansion, continued growth in proprietary products, and the strength of its international presence.
On June 20, 2024, Cronos made an additional investment in Cronos Growing Company Inc. (“Cronos GrowCo”) to fund the expansion of cultivation operations. Cronos also obtained majority control of the board of directors of Cronos GrowCo and began consolidating Cronos GrowCo’s results from July 1, 2024.
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 in Israel 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 to Israel 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 to Israel 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.
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 in Israel 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 ended December 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 to Israel 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 to Israel 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.
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 Canada, with market share expanding modestly to 5.1%.
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.
Throughout 2025, the Spinach® brand delivered strong performance in vapes, climbing from #4 nationally in Q1 2025 to #2 in December.
The PEACE NATURALS® brand delivered exceptional performance throughout 2025, consistently holding its position as the top‑performing cannabis brand in Israel and achieving record net revenue and sales volume in Israel each successive quarter of the year.
Internationally, the PEACE NATURALS® brand expanded its global footprint significantly in 2025, entering the medical cannabis markets in Australia and Malta in Q2 2025, and launching in Switzerland in Q3 2025. The brand’s presence now spans six key international medical markets: Israel, Germany, the United Kingdom (“U.K”), Australia, Switzerland, and Malta. Cronos net revenue in international markets outside Israel grew 68% year-over-year in the fourth quarter as shipment timing normalized and demand remained strong.
LIT™, the Company’s value-focused medical brand, experienced strong growth in 2025, led by performance in Israel and its introduction to the German and U.K. markets during the year.
The Lord Jones® brand delivered consistent performance across 2025, maintaining a top‑three position in Canada’s chocolate edible category while solidifying its leadership in hash and live resin-infused pre‑rolls.
Subsequent to year-end, the Lord Jones® brand launched in Israel with the introduction of five premium flower strains, expanding the breadth of Cronos’ offerings for medical cannabis patients in the country. Lord Jones® products are now available in pharmacies across Israel.
In Q4 2025, the Company entered into a definitive share sale and purchase agreement to acquire CanAdelaar B.V. (“CanAdelaar”), one of ten licensed cannabis producers in the Dutch controlled cannabis supply chain experiment.
On February 24, 2026, Jared Matthew Kenost, was appointed Principal Accounting Officer of the Company and promoted to Vice President, Controller.
The Company will host a conference call and live audio webcast on Thursday, February 26, 2026, at 8:30 a.m. ET to discuss 2025 fourth quarter and full-year business results.
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS®, LIT™ and Lord Jones®.
Source: Cronos Group Inc.
