Cronos Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Cronos Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3.15	13.2	25.6	54.4	79.6	109	120	162	193
Gross profit	1.57	6.21	-17.6	-25.8	-17.6	15.4	11.9	25.2	62.8
Research and development	0	1.81	12.2	20.4	21.8	13.1	5.84	4.23	4.45
Selling and marketing	0.44	2.54	23	34.4	20.9	18	22.7	21.6	21.8
General and administrative	4.9	13.3	81.5	80.6	90.9	67.7	49.5	46.5	42
Operating expenses	7.7	26.7	136	194	274	127	96.7	102	80.2
Operating income	-6.12	-20.4	-153	-219	-292	-111	-84.8	-76.5	-17.4
Interest expense	0.1	0.14	1.24	0.19	0.03	0.01
Interest income	0	0.22	29.2	18.6	9.1	22.6
Other non-operating income	3.78	-0.48	1,319	146	163	-9.58	11.1	113	0.28
Pre-tax income	-2.35	-20.9	1,166	-73.3	-129	-121	-73.7	36.6	-17.1
Income tax	-0.86	0	0	1.35	-0.43	34.2	-3.23	-3.44	-14.2
Net income to minority interests	0	-0.18	-0.93	-2.13	-1.1	0	-0.59	-1.06	6.52
Net income	-1.48	-21.6	1,167	-73.1	-396	-169	-74	41.1	-9.45
EBITDA	-5.35	-18.5	-149	-212	-277	-98.3	-76.7	-67.2	-3.16
EPS, basic	-0.01	-0.12	3.76	-0.21	-1.07	-0.45	-0.19	0.11	-0.02
EPS, diluted	-0.01	-0.12	3.33	-0.21	-1.07	-0.45	-0.19	0.11	-0.02
Shares, basic (weighted)	146	172	310	352	370	377	381	382	383
Shares, diluted (weighted)	192	172	343	352	370	377	381	386	383

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.33	23.9	1,200	1,078	887	765	669	859	792
Short-term investments		0	306	212	118	113	192	0	40
Receivables		3.05	4.64	8.93	22.1	23.1	14	15.5	34.1
Inventory		7.39	38	44	32.8	37.6	30.5	33.1	46.8
Other current assets		2.84	9.4	11.2	8.97	7.11	5.41	6.28	8.34
Total current assets		39.9	1,573	1,372	1,080	960	933	936	944
Property, plant and equipment		126	160	188	74.1	60.6	59.5	133	146
Lease right-of-use assets			6.55	9.78	8.88	2.27	1.36	1.39	1.42
Goodwill	1.43	1.31	214	180	1.1	1.03	1.06	63.5	66.5
Intangible assets		8.24	71.2	69.7	18.1	26.7	21.1	11.3	8.89
Other non-current assets				0.47	0.1	0.19	0.05
Total assets		183	2,090	1,926	1,398	1,213	1,140	1,166	1,197
Accounts payable		1.17	9.19	19.3	11.1	11.2	12.1	17	11.6
Accrued liabilities				22.8	25.6	22.3	27.7	31.7	36.2
Total current liabilities		33.3	333	207	54.4	68.1	41.4	49.7	48.2
Lease liabilities			6.68	8.49	7.1	2.55	1.56	0.99	1.17
Other non-current liabilities						1.38	1	1.07	0.73
Total liabilities		34.9	341	218	63.5	72	44.1	55.3	54.2
Paid-in capital		11.3	23.2	34.6	32.5	42.7	48.4
Retained earnings		-27.9	1,138	1,065	659	491	417	458	448
Other comprehensive income		-9.87	27.8	43	49.9	-0.8	20.7	-63.5	-16.8
Shareholders' equity		148	1,750	1,711	1,337	1,144	1,100	1,064	1,094
Minority interests		0.1	-0.85	-3.2	-2.97	-2.92	-3.45	46.9	49.1
Total equity	63.7	149	1,749	1,708	1,334	1,141	1,096	1,111	1,143
Total liabilities and equity		183	2,090	1,926	1,398	1,213	1,140	1,166	1,197
Shares outstanding				360	375	381	381	383	382

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1.48	-21.8	1,166	-75.3	-397	-169	-74.6	40	-2.93
Depreciation and amortization	0.77	1.94	4.27	7.05	15.4	13.1	8.11	9.34	14.2
Stock-based compensation	1.93	8.15	11.6	15.4	10.2	15.1	8.77	8.7	7.05
Deferred income tax	0	0	0	0	0.04	-0.24	0.15	-0.27	1.13
Change in receivables	-3.2	-2.57	-0.57	-4.72	-13.2	-2.71	9.21	-0.92	-16.7
Change in inventory	-2.5	-4.09	-23.1	-0.74	11.6	-7.22	7.4	7.42	-10.4
Change in payables			-0.05	-2.78	-1.6	-0.86	-0.77	-7.45	1.11
Cash from operations	-4.28	-7.52	-131	-145	-154	-88.9	-42.8	18.8	25.9
Capital expenditures	-32.9	-88.3	-38.7	-31.4	-11.1	-3.45	-2.51	-12.4	-25.7
Acquisitions	0	0	-224	0	0
Purchases of investments	0	0	-300	-201	-120	-271	-608	0	-40
Sales and maturities of investments			0	297	215	269	533	186	0
Cash from investing	-29.9	-93.9	-603	20.2	-28.9	-1.84	-59.5	175	-76.6
Share buybacks							0	0	-9.74
Cash from financing	39.1	122	1,858	-3.05	-13.4	-2.9	-1.03	-1.23	-19.9
Exchange rate effect	-0.15	-4.09	52.4	6.1	4.91	-28.6	8.01	-3.25	3.59
Net change in cash	4.75	16.6	1,176	-122	-191	-122	-95.4	190	-67
Free cash flow	-37.2	-95.8	-170	-176	-165	-92.4	-45.3	6.43	0.15
Interest paid			0.76	0	0	0	0	0	0
Income taxes paid			0	0	0.89	0.18	33	0.65	-6.26

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.7%	Gross profit / revenue.
Operating margin	-1.0%	Operating income / revenue.
EBITDA margin	2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.9%	Pre-tax income / revenue.
Net margin	29.6%	Net income / revenue.
FCF margin	21.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.4%	Cash from operations / revenue.
Effective tax rate	-15.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
Return on invested capital (ROIC)	-0.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.3%	Research and development expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	149.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	59.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-123.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-118.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	37.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-97.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-9.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	16.2x	Current assets / current liabilities.
Quick ratio	14.8x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	14.1x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	5.3%	Total liabilities / total assets.
Working capital	$855.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$996.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	1.67x	Revenue / average property, plant and equipment.
Receivables turnover	6.45x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
FCF conversion	71.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.63	Revenue / diluted weighted shares.
FCF per share	$0.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.16	Cash from operations / diluted weighted shares.
Book value per share	$2.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.69	Tangible book value / shares outstanding.
Cash per share	$2.15	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	78.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.23B	Share price x shares outstanding.
Enterprise value	$433.5M	Market cap + total debt - cash - short-term investments.
P/E	17.6x	Market cap / net income. Only when net income is positive.
P/S	5.20x	Market cap / revenue.
P/B	1.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.23x	Market cap / tangible book value, when positive.
P/FCF	24.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.5x	Market cap / cash from operations, when positive.
EV/Sales	1.83x	Enterprise value / revenue.
EV/EBITDA	76.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.70x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was Cronos Group Inc.'s revenue in fiscal 2025?

Cronos Group Inc. reported revenue of $193.4M for fiscal 2025, 19.5% higher than the year before.

Was Cronos Group Inc. profitable in fiscal 2025?

No. It reported a net loss of $9.4M.

How much free cash flow did Cronos Group Inc. generate in fiscal 2025?

Cash from operations of $25.9M minus capital expenditures of $25.7M left free cash flow of $149.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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