As of September 30, 2024, Cronos Group Inc. reported total assets of $1.184 billion, an increase from $1.140 billion at the end of 2023. Total current assets rose to $959.2 million, driven by a significant increase in cash and cash equivalents, which reached $862.0 million, up from $669.3 million. The company’s total equity attributable to shareholders decreased to $1.082 billion from $1.100 billion, while total shareholders’ equity increased to $1.131 billion from $1.096 billion.

In terms of revenue, Cronos Group experienced substantial growth, with net revenue for the three months ended September 30, 2024, reaching $34.3 million, a 38% increase from $24.8 million in the same period of 2023. For the nine months, net revenue was $87.3 million, also up 38% from $63.3 million year-over-year. This growth was attributed to higher sales of cannabis flower and extracts, particularly in Canada and Israel, as well as contributions from the recently acquired Cronos GrowCo, which added $4.3 million in cannabis flower sales.

Despite the revenue growth, the company reported a gross profit of $3.6 million for Q3 2024, a 9% decrease from the previous year, while gross profit for the nine months increased to $14.4 million, a 44% rise. Operating expenses surged to $37.3 million for the quarter, a 45% increase, and $79.6 million for the nine months, a 9% rise. The operating loss for Q3 was $(33.7) million, compared to $(21.8) million in Q3 2023, while the nine-month operating loss was $(65.2) million, slightly higher than $(63.2) million in the prior year.

Net income for the three months ended September 30, 2024, was $7.3 million, a significant turnaround from a net loss of $(1.8) million in Q3 2023. For the nine months, the net loss improved to $(3.9) million from $(29.5) million in the same period last year. The company also recorded substantial other income, totaling $38.3 million for Q3 2024, up 102% from the previous year.

Strategically, Cronos Group obtained majority control of Cronos GrowCo on July 1, 2024, which has been integrated into its financial results. The transaction was valued at approximately $53.5 million and included a secured credit facility of $51 million for expansion. The company has also exited its U.S. hemp-derived cannabinoid operations, which has impacted its financial results.

Overall, while Cronos Group has shown significant revenue growth and improved net income, it continues to face challenges with rising operating expenses and integration of new acquisitions.