Cronos Group’s third-quarter earnings beat the calendar estimate, while revenue, gross profit and adjusted EBITDA reached record highs.
Cronos Group Inc. (TSX: CRON) reported its third-quarter 2026 results before markets opened on November 5. Calendar EPS came in at US$0.06, above the US$0.05 estimate. Revenue rose 75% year over year to US$63.45 million, gross margin increased to 50.9%, and adjusted EBITDA more than tripled to US$17.08 million. For Canadian investors, the results show growth in international sales and improved profitability. Still, analysts expect next quarter’s EPS to be well below last year’s level.
Recent earnings trend
Cronos Group Inc
CRON.TO
CRON.TO
Cronos Group Inc
WealthAwesomeMarket cap
$1.87B
P/E
23.2x
52W high
$5.47
52W low
$3.23
1W change
+10.39%
Beta
1.25
Analyst Price Targets
Based on analyst covering CRON · as of Oct 22, 2026
Wall Street analysts forecast CRON stock price to rise 64.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$5.92
+64.1% Upside
Previously C$5.49 on Oct 19, 2026
Current Price
C$3.61
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on CRON's historical volatility
30-Day Vol
31.7%
Annualized
90-Day Vol
38.9%
Annualized
Trend (90d)
+50.0%
Annualized drift
90d Mean
C$6.10
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$5.41 | C$4.85 – C$6.04 |
| 60 trading days | C$5.74 | C$4.92 – C$6.71 |
| 90 trading days | C$6.10 | C$5.04 – C$7.37 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 2 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-25 | — | 0.0600 | — |
| 2026-09-30 | 2026-11-05 | 0.0600 | 0.0500 | +20.0% |
| 2026-06-30 | 2026-08-06 | 0.1300 | 0.0100 | +1200.0% |
| 2026-03-31 | 2026-05-11 | 0.0500 | 0.0100 | +400.0% |
| 2025-12-31 | 2026-02-26 | -0.0066 | 0.0200 | -133.0% |
| 2025-09-30 | 2025-11-06 | 0.1000 | -0.0300 | +433.3% |
Investor takeaway: The quarter’s strength went beyond the EPS beat. Cronos posted record net revenue, gross profit and adjusted EBITDA, with growth in Canada, Israel and Germany. But next quarter’s EPS consensus is US$0.02, down from US$0.10 a year earlier, while revenue is expected to grow 48.4%. Investors will want to see whether sales growth leads to lasting earnings and cash flow.
US$17.08 million
Cronos’ Q3 adjusted EBITDA rose 201% year over year, from US$5.68 million. Revenue grew 75%, and gross margin reached 50.9%. The results point to stronger operating leverage this quarter. Whether that continues will depend on sales growth and margins as Cronos expands internationally.
Bull case
Cronos reported Q3 net revenue of US$63.45 million, up 75% year over year, and adjusted EBITDA of US$17.08 million, up 201%. Gross margin rose to 50.9% from 50.4%. Management reported record revenue in Canada and internationally, with continued strength in Israel and Germany. The company also generated positive operating cash flow in the first nine months of 2026 and said it remains active in share repurchases.
Bear case
The EPS beat was small in dollar terms, and next quarter’s consensus is US$0.02, compared with US$0.10 a year ago. Revenue growth does not guarantee earnings will keep pace, especially as Cronos integrates its October acquisition of CanAdelaar. Inventory write-downs also rose to US$1.64 million from US$0.51 million a year earlier. Investors should focus on execution, margins and cash generation rather than assume one strong quarter will continue.
Analysis
Cronos reported Q3 2026 results before markets opened on November 5. Calendar EPS was US$0.06, compared with the US$0.05 estimate. Net revenue rose 75% year over year to US$63.45 million, gross profit increased 76% to US$32.28 million, and adjusted EBITDA climbed 201% to US$17.08 million. Gross margin was 50.9%, up 0.5 percentage points from a year earlier. Net income fell to US$17.83 million from US$28.32 million, so the increase in adjusted EBITDA did not translate into higher reported net income. Cronos said organic net revenue growth, excluding currency effects, was 73%.
Management reported record revenue in Canada, Israel and Germany. In Canada, Spinach maintained its leading positions in vapes and edibles. In Israel, PEACE NATURALS recorded its eleventh consecutive quarter of record net revenue. Cronos also said international revenue outside Israel reached a record, led by Germany. For more company details, see the Cronos Group stock page.
Analysis
The results show Cronos turning higher sales into stronger gross profit and adjusted EBITDA. Investors will want to see whether that progress continues. The next-quarter calendar EPS consensus is US$0.02, based on two analysts, compared with US$0.10 a year earlier. Revenue consensus is US$76.23 million, based on three analysts, implying 48.4% growth. The EPS estimate rose from US$0.01 to US$0.02 over the past 30 days, though revisions were split, with one increase and one decrease.
Cronos closed its CanAdelaar acquisition in October, giving it a position in the Netherlands’ adult-use market. Management said integration and the transfer of intellectual property are underway. The acquisition offers a growth opportunity, but also brings execution risks. Investors will need to track its costs and contribution alongside organic growth.
At quarter-end, Cronos had US$840.6 million in cash, restricted cash and interest-bearing deposits. It also reported positive operating cash flow for the first nine months of 2026. These resources give the company flexibility, but it still needs to show that its investments can deliver lasting returns.
Analysis
The supplied analyst-target data show an average target of C$5.92, compared with the last close of C$3.61, implying 64.1% upside. The consensus is labelled bullish based on the average target versus the last close. A formal rating is not available for this Canadian listing. Targets are estimates, not guarantees. See the analyst price-target details.
Wealth Awesome’s statistical 90-day price model lists a current value of C$5.10 and a mean forecast of C$6.10. Its 68% range is C$5.04 to C$7.37, and its 95% range is C$4.17 to C$8.91. This is a statistical model, not financial advice or a price target. Review the Wealth Awesome price forecast alongside your own research and risk tolerance.
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