Cronos Group Inc (NASDAQ:CRON) reported first-quarter financial results ahead of the market open Thursday. Here’s a look at the key highlights from the cannabis company’s report.
Q1 Revenue: Cronos reported first-quarter revenue of $32.26 million, beating analyst estimates of $31.70 million, according to Benzinga Pro. The company reported first-quarter earnings of 2 cents per share, beating estimates for a loss of 1 cent per share.
Cronos said first-quarter revenue increased 28% year-over-year, primarily driven by higher cannabis flower sales in Israel and other countries, as well as higher cannabis extract sales in the Canadian market.
The company noted that its Spinach brand ended the quarter as the second most popular brand in Canada with 4.6% market share. The company’s Lord Jones Chocolate Fusions had 9.6% market share in Canada at quarter’s end, and Peace Naturals continued to be a top-performing brand in Israel. Cronos also said it’s seeing strong traction in Germany and the U.K.
“2025 is shaping up to be a transformative year for Cronos as we execute our strategic priorities to drive revenue growth, expand margins, and maintain disciplined cost management,” said Mike Gorenstein, chairman, president and CEO of Cronos.
“While strong demand for our flower products has recently outpaced supply, we are confident that our Cronos GrowCo expansion, on track for completion in the second quarter with initial sales in the second half of the year, will unlock significant capacity to meet this demand and fuel our next phase of growth.”
The company’s board authorized a share repurchase program of up to $50 million on May 7. Repurchases may be made from time to time through the termination date on May 13, 2026.
Cronos ended the quarter with $838 million in cash, cash equivalents and short-term investments.
CRON Price Action: Cronos Group shares were up 8.65% at $2.01 at the time of publication Thursday, according to Benzinga Pro.
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Photo: VladyslaV Travel photo/Shutterstock.
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