Cronos Group Reports Record $53 Million in Second-Quarter Revenue, Net Income Reaches $35.7 Million
- Cronos Group Inc. reported a 58% year-over-year increase in Q2 2026 net revenue to $53 million, driven by higher cannabis flower sales in Israel, Germany, and Canada.
- Gross profit nearly doubled to $28.5 million with gross margin rising to 54%, attributed to higher selling prices, increased sales volumes, and international sales without excise taxes.
- Net income improved to $35.7 million from a $38.5 million loss the previous year, supported by higher gross profit and currency gains, while adjusted EBITDA reached a record $13.1 million.
- Cronos maintained strong market positions with Spinach as Canada’s second-largest cannabis brand and top edible and vape brand; the company also plans to complete the acquisition of CanAdelaar B.V. in H2 2026.
Cronos Group Inc. reported record financial results for the second quarter of 2026, with net revenue reaching $53 million, an increase of 58% from $33.5 million during the same period last year.
On a constant-currency basis, net revenue increased 51% year-over-year. The company said the growth was driven primarily by higher cannabis flower sales in Israel and Germany, along with increased flower and extract sales in Canada.
Gross profit nearly doubled, rising 96% from $14.5 million to $28.5 million. Gross margin increased from 43% to 54%, which the company attributed to higher average selling prices, increased sales volumes and a greater share of revenue coming from Israel and other international markets that do not impose excise taxes.
Cronos reported net income of $35.7 million for the quarter, compared with a net loss of $38.5 million in the second quarter of 2025. The improvement was driven by higher gross profit and foreign currency transaction gains, partially offset by increased operating expenses.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) reached a record $13.1 million, up from $1.7 million a year earlier. Operating income totaled $7.4 million, compared with an operating loss of $5.3 million in the prior-year period.
In Canada, Cronos generated $28.7 million in quarterly net revenue, up 50% year-over-year. The company’s Spinach brand remained Canada’s second-largest overall cannabis brand, with a national market share of 5.9%.
Spinach maintained its position as the country’s top-selling edible brand, with a 20.8% market share, and remained the leading vape brand for the second consecutive quarter, with a 10.6% share of the market. The company said the five best-selling vape products nationwide during the quarter were all Spinach products.
Revenue in Israel increased 60% to $15 million, marking the company’s 10th consecutive quarter of record revenue in the country. On a constant-currency basis, Israeli revenue grew 32%.
Revenue from other countries increased 88% to $9.3 million, led by demand for Peace Naturals flower products in Germany.
Cronos ended the quarter with approximately $827 million in cash, short-term investments and interest-bearing deposits. The company also repurchased 12.3 million shares during the first half of 2026.
Cronos said it remains prepared to complete its pending acquisition of Netherlands-based cannabis producer CanAdelaar B.V. once regulatory approval and other closing conditions are satisfied. The company expects the acquisition to close during the second half of 2026.