Cronos Up More Than 8% As Q1 Net Income More Than Doubles, Beats Forecasts
Cronos (CRON.TO), up near 9% on last look, said Monday that first quarter net income more than doubled, beating estimates, boosted by higher revenues.Net income attributable to shareholders more than doubled to US$13.75 million or $0.04 per diluted share, from $6.12 million or US$0.02 per share in the prior year period. The result beat the consensus analyst estimate of $0.01 per share, according to FactSet.Net revenue jumped 40% to US$45.2 million over the same period. The increase was mainly due to higher cannabis flower sales in Israel and other countries, which carry no excise taxes, and higher cannabis extract and flower sales in the Canadian market, the company said.Among other highlights, it said net income of $15.7 million in Q1 2026 increased by $8.0 million from Q1 2025. The increase was primarily due to higher gross profit and other income, partially offset by higher operating expenses.Adjusted EBITDA of $5.1 million in Q1 2026 improved by $2.8 million from Q1 2025. The improvement was primarily driven by higher gross profit, partially offset by higher operating expenses due to higher sales and marketing, general and administrative, and research and development costs.It cited a balance sheet with $822 million in total cash and cash equivalents.Cronos shares were last seen $0.44, to $3.91, on the Toronto Stock Exchange.Price: $3.79, Change: $+0.32, Percent Change: +9.22%