Cronos Group Inc. reported its financial results for the second quarter of 2025, revealing a net revenue of $33.5 million, a 21% increase from $27.8 million in the same period last year. For the first half of 2025, the company achieved net revenue of $65.7 million, up 24% from $53.1 million in the first half of 2024. The growth was primarily driven by increased sales of cannabis flower and extracts, particularly in Israel and other international markets, as well as the consolidation of Cronos GrowCo's results following its acquisition in July 2024.
Despite the revenue growth, Cronos reported a net loss of $39.7 million for the second quarter, compared to a loss of $8.8 million in the prior year. The six-month net loss also widened to $30.8 million from $11.2 million. The significant increase in losses was attributed to a foreign currency loss of $39.5 million, resulting from the strengthening of the Canadian dollar against the U.S. dollar, which adversely affected the valuation of U.S. dollar-denominated cash and investments held in Canada.
Operationally, Cronos has made strides in its restructuring efforts, incurring $0.8 million in restructuring costs during the second quarter, up from $0.5 million in the same period last year. The company has also focused on reducing general and administrative expenses, which fell to $10.5 million from $12.8 million year-over-year. Additionally, Cronos reported a gross profit of $14.5 million for the quarter, a 130% increase from $6.3 million in the previous year, reflecting improved production efficiencies and higher average sales prices.
Looking ahead, Cronos Group is optimistic about its growth trajectory, particularly with the completion of the Phase 2 Expansion Area at Cronos GrowCo, which is expected to begin sales in Fall 2025. The company is also navigating regulatory challenges, including a proposed anti-dumping duty on its cannabis imports into Israel, which it has successfully contested. With $794.4 million in cash and cash equivalents as of June 30, 2025, Cronos believes it has sufficient liquidity to support its operations and capital expenditures in the coming year.
About Cronos Group Inc.
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