CRON

Cronos is finally showing operating progress: FY2025 revenue grew 24.6% to $147M and gross profit jumped 149% to $62.8M, lifting gross margin from 21% to 42.8%. MD&A attributes this to a mix shift toward Israel and other international markets (no excise tax), a full year of consolidated Cronos GrowCo flower sales, and lower inventory step-up charges — these are structural drivers, not one-offs. Operating loss narrowed 77% to -$17.4M, G&A fell 10%, and operating cash flow turned meaningfully positive at $25.9M. The balance sheet remains the standout: $792M cash against only $54.2M total liabilities (L/E of 0.05x), giving the company multi-year runway and optionality to fund the CanAdelaar Dutch acquisition and Cronos GrowCo expansion without dilution.

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