Cronos Group Inc Stock Research

Market Summary

USD1.94+0.05

Delayed

2.65%

CRON Alerts

Big jump in Earnings (Y/Y)
Losses in recent quarter

CRON Stock Price

CRON RSI Chart

CRON Valuation

Market Cap

738.3M

Price/Earnings (Trailing)

-4.38

Price/Sales (Trailing)

6.45

EV/EBITDA

0.2

Price/Free Cashflow

-7.99

CRON Price/Sales (Trailing)

CRON Profitability

EBT Margin

-117.56%

Return on Equity

-14.75%

Return on Assets

-13.91%

Free Cashflow Yield

-12.51%

CRON Fundamentals

CRON Revenue

Revenue (TTM)

114.5M

Revenue Y/Y

-4.72%

Revenue Q/Q

12.52%

CRON Earnings

Earnings (TTM)

-168.7M

Earnings Y/Y

40.97%

Earnings Q/Q

-113.25%

Price Action

52 Week Range

1.854.05

(Low)(High)

Last 30 days

-8.5%

Last 90 days

-23.6%

Trailing 12 Months

-50.1%

CRON Financial Health

Current Ratio

14.1

CRON Investor Care

Shares Dilution (1Y)

1.35%

Peers (Alternatives to Cronos Group)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JNJ	407.3B	94.9B	1.59%	-10.18%	22.7	4.29	1.25%	-14.07%
LLY	309.3B	28.5B	9.31%	21.06%	49.53	10.84	0.79%	11.88%
MRK	272.8B	59.3B	0.45%	33.58%	17.88	4.63	21.72%	11.27%
PFE	228.8B	100.3B	1.54%	-19.24%	7.29	2.28	23.43%	42.74%
BMY	147.4B	46.2B	-0.07%	-3.71%	23.29	3.19	-0.49%	-9.54%
MID-CAP
PRGO	4.8B	4.5B	-5.43%	-6.05%	-34.34	1.08	7.56%	-104.06%
RETA	3.3B	2.2M	-2.41%	177.53%	-10.65	1.5K	-80.71%	-4.88%
SMALL-CAP
SUPN	1.9B	667.2M	-7.69%	12.10%	31.78	2.89	15.09%	13.64%
TLRY	1.6B	602.5M	-7.75%	-62.41%	-2.73	2.62	18.18%	-18.59%
CGC	850.7M	478.9M	-22.22%	-76.91%	-0.27	1.78	-31.50%	-634.70%
INVA	778.4M	285.2M	-1.06%	-41.86%	3.53	2.73	-27.21%	-40.28%
CRON	738.3M	114.5M	-8.49%	-50.13%	-4.38	6.45	27.90%	57.40%
ACRS	539.5M	29.8M	-33.91%	-53.07%	-6.21	18.13	340.05%	4.35%
OCUL	406.9M	51.5M	-13.18%	6.46%	-5.73	7.9	18.32%	-984.05%
ENDP	94.1M	2.3B	-43.99%	-88.43%	-0.03	0.04	-22.53%	-376.66%

Financials for Cronos Group

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-1.3%	114,456,000	115,938,000	113,944,000	104,238,000	89,486,000
Gross Profit	-15.4%	11,969,000	14,146,000	12,259,000	-7,645,000	-17,534,000
Operating Expenses	-49.7%	136,807,000	271,900,000	295,423,000	543,798,000	543,060,000
S&GA Expenses	-18.0%	22,282,000	27,170,000	32,068,000	39,695,000	44,937,000
R&D Expenses	-23.4%	13,381,000	17,467,000	21,371,000	22,268,000	23,331,000
EBITDA	40.5%	-128,534,000	-215,997,000	-104,266,000	-262,753,000	-
EBITDA Margin	39.7%	-1.12	-1.86	-0.69	-1.28	-
Earnings Before Taxes	39.4%	-134,559,000	-221,869,000	-109,676,000	-267,822,000	-397,135,000
EBT Margin	38.6%	-1.18	-1.91	-0.73	-1.30	-
Interest Expenses	NaN%	0.00	0.00	0.00	-	-
Net Income	24.5%	-168,734,000	-223,619,000	-108,712,000	-267,727,000	-396,107,000
Net Income Margin	23.6%	-1.47	-1.93	-0.72	-1.30	-
Free Cahsflow	11.2%	-92,399,000	-104,094,000	-123,625,000	-146,700,000	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-2.0%	1,213	1,237	1,332	1,371	1,398
Current Assets	-0.3%	960	963	1,026	1,063	1,080
Cash Equivalents	20.7%	765	633	790	862	887
Inventory	10.2%	38.00	34.00	40.00	37.00	33.00
Net PPE	0.0%	61.00	61.00	66.00	72.00	74.00
Goodwill	2.1%	1.00	1.00	1.00	1.00	1.00
Liabilities	55.9%	72.00	46.00	47.00	50.00	63.00
Current Liabilities	79.4%	68.00	38.00	39.00	40.00	54.00
Shareholder's Equity	-4.2%	1,144	1,194	1,285	1,321	1,337
Retained Earnings	-13.8%	491	570	607	627	659
Additional Paid-In Capital	11.4%	43.00	38.00	35.00	35.00	32.00
Accumulated Depreciation	-	30.00	-	-	-	-
Shares Outstanding	0.6%	381	378	378	375	375
Minority Interest	-0.6%	-2.92	-2.90	-3.11	-3.23	-2.97

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	11.5%	-88.95	-100	-118	-140	-153
Share Based Compensation	-27.0%	15.00	21.00	19.00	19.00	18.00
Cashflow From Investing	97.7%	-1.84	-78.96	37.00	-19.08	-28.90
Cashflow From Financing	-13.4%	-2.90	-2.56	-6.57	-5.24	-13.44

Risks for CRON

What is the probability of a big loss on CRON?

100%

Probability that Cronos Group stock will be more than 20% underwater in next one year

96.5%

Probability that Cronos Group stock will be more than 30% underwater in next one year.

82.3%

Probability that Cronos Group stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CRON drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Cronos Group was unfortunately bought at previous high price.

Drawdowns

Returns for CRON

Cumulative Returns on CRON

-22.0%

5-Year Cumulative Returns

-30.1%

3-Year Cumulative Returns

What are the long-term rolling returns for CRON?

FIve years rolling returns for Cronos Group.

Annualized Returns

Which funds bought or sold CRON recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	ETF MANAGERS GROUP, LLC	sold off	-100	-26,126,000	-	-%
2023-03-17	American Portfolios Advisors	reduced	-0.5	-282	55,768	-%
2023-03-06	Rockefeller Capital Management L.P.	added	0.05	-1,000	9,000	-%
2023-03-06	OLD MISSION CAPITAL LLC	new	-	34,734	34,734	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	unchanged	-	-465	6,535	-%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-19.49	-79,298	209,702	-%
2023-02-24	SRS Capital Advisors, Inc.	reduced	-98.68	-12,848	152	-%
2023-02-24	NATIXIS	new	-	13,462	13,462	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-1.38	-452	2,548	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	254	254	-%

Latest Funds Activity

Are funds buying CRON calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CRON

No. of Funds

Cronos Group News

Schedule 13G FIlings of Cronos Group

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Dec 19, 2022	altria group, inc.	41%	156,573,537	SC 13D/A
Feb 12, 2020	chesapeake partners management co inc/md	2.58%	8,873,890	SC 13G/A

CRON Fair Value

Cronos Group fair value in different scenarios

The table shows the Fair Value estimates for Cronos Group for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	1.13 -41.75%	1.15 -40.72%	1.29 -33.51%	1.62 -16.49%	1.78 -8.25%
Current Inflation	1.12 -42.27%	1.13 -41.75%	1.27 -34.54%	1.57 -19.07%	1.72 -11.34%
Very High Inflation	1.10 -43.30%	1.12 -42.27%	1.24 -36.08%	1.50 -22.68%	1.64 -15.46%

Historical Cronos Group Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Cronos Group

View All Filings

Date Filed	Form Type	Document
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading

Latest Insider Trading transactions for CRON

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-15	Buggy Shannon	sold (taxes)	-10,262	1.99	-5,157	svp, global head of people
2023-03-15	Buggy Shannon	acquired	-	-	13,889	svp, global head of people
2023-03-15	Cortez Carlos S.	sold (taxes)	-8,111	1.99	-4,076	vp, controller
2023-03-15	JACOBSON JEFFREY DAVID	sold (taxes)	-45,519	2.72	-16,735	chief growth officer
2023-03-15	Cortez Carlos S.	acquired	-	-	13,750	vp, controller
2023-03-15	GORENSTEIN MICHAEL RYAN	acquired	-	-	31,361	see remarks below
2023-03-15	GORENSTEIN MICHAEL RYAN	sold (taxes)	-15,195	1.99	-7,636	see remarks below
2023-03-15	Shlimak Anna	sold (taxes)	-17,701	1.99	-8,895	see remarks
2023-03-15	Shlimak Anna	acquired	-	-	30,000	see remarks
2023-03-15	JACOBSON JEFFREY DAVID	acquired	-	-	31,767	chief growth officer

About Cronos Group

Michael R. Gorenstein

www.thecronosgroup.com

630

Cronos Group Inc. operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets. It sells cannabis and cannabis products, including dried cannabis, pre-rolls, edibles, concentrates, and cannabis extracts through wholesale and direct-to-client channels under its wellness platform, PEACE NATURALS; and operates under adult-use brands, Spinach. It also exports dried cannabis and cannabis oils to Germany, Israel, and Australia. Cronos Group Inc. was founded in 2012 and is based in Toronto, Canada.

CRON Income Statement

2022-12-31

Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net revenue, before excise taxes	$ 114,456,000	$ 89,486,000	$ 54,353,000
Excise taxes	(22,552,000)	(15,051,000)	(7,634,000)
Net revenue	91,904,000	74,435,000	46,719,000
Cost of sales	79,935,000	80,008,000	46,497,000
Inventory write-down	0	11,961,000	26,055,000
Gross profit	11,969,000	(17,534,000)	(25,833,000)
Operating expenses
Sales and marketing	22,282,000	44,937,000	34,386,000
Research and development	13,381,000	23,331,000	20,366,000
General and administrative	71,178,000	96,482,000	80,569,000
Restructuring costs	5,333,000	0	0
Share-based compensation	15,115,000	10,151,000	15,361,000
Depreciation and amortization	6,025,000	4,484,000	2,872,000
Impairment loss on goodwill and indefinite-lived intangible assets	0	236,056,000	40,000,000
Impairment loss on long-lived assets	3,493,000	127,619,000	0
Total operating expenses	136,807,000	543,060,000	193,554,000
Operating loss	(124,838,000)	(560,594,000)	(219,387,000)
Other income (expense)
Interest income, net	22,537,000	9,071,000	18,415,000
Gain on revaluation of derivative liabilities	14,060,000	151,360,000	129,254,000
Share of income (loss) from equity method investments	3,114,000	(6,313,000)	(4,510,000)
Gain (loss) on revaluation of financial instruments	14,739,000	8,611,000	(9,000)
Impairment loss on other investments	(61,392,000)	0	0
Foreign currency transaction loss	(2,286,000)	0	0
Gain on disposal of investments	0	0	4,789,000
Other, net	(493,000)	730,000	(1,825,000)
Total other income (expense)	(9,721,000)	163,459,000	146,114,000
Loss before income taxes	(134,559,000)	(397,135,000)	(73,273,000)
Income tax expense (benefit)	34,175,000	(431,000)	1,347,000
Loss from continuing operations	(168,734,000)	(396,704,000)	(74,620,000)
Loss from discontinued operations	0	(500,000)	(650,000)
Net loss	(168,734,000)	(397,204,000)	(75,270,000)
Net loss attributable to non-controlling interest	0	(1,097,000)	(2,133,000)
Net loss attributable to Cronos Group	(168,734,000)	(396,107,000)	(73,137,000)
Comprehensive income (loss)
Net loss	(168,734,000)	(397,204,000)	(75,270,000)
Foreign exchange gain (loss) on translation	(50,616,000)	8,192,000	14,951,000
Comprehensive loss	(219,350,000)	(389,012,000)	(60,319,000)
Comprehensive income (loss) attributable to non-controlling interest	46,000	229,000	(2,343,000)
Comprehensive loss attributable to Cronos Group	$ (219,396,000)	$ (389,241,000)	$ (57,976,000)
Net loss from continuing operations per share
Basic (in dollars per share)	$ (0.45)	$ (1.07)	$ (0.21)
Diluted (in dollars per share)	$ (0.45)	$ (1.07)	$ (0.21)

CRON Balance Sheet

2022-12-31

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 764,644	$ 886,973
Short-term investments	113,077	117,684
Accounts receivable, net	23,113	22,067
Other receivables	5,767	5,765
Current portion of loans receivable, net	8,890	5,460
Inventory, net	37,559	32,802
Prepaids and other current assets	7,106	8,967
Total current assets	960,156	1,079,718
Equity method investments, net	18,755	16,764
Other investments	70,993	118,392
Non-current portion of loans receivable, net	72,345	80,635
Property, plant and equipment, net	60,557	74,070
Right-of-use assets	2,273	8,882
Goodwill	1,033	1,098
Intangible assets, net	26,704	18,079
Other	193	100
Total assets	1,213,009	1,397,738
Current liabilities
Accounts payable	11,163	11,113
Income taxes payable	32,956	105
Accrued liabilities	22,268	25,636
Current portion of lease obligation	1,330	2,711
Derivative liabilities	15	14,375
Current portion due to non-controlling interests	384	433
Total current liabilities	68,116	54,373
Non-current portion due to non-controlling interests	1,383	1,913
Non-current portion of lease obligation	2,546	7,095
Deferred income tax liability	0	81
Total liabilities	72,045	63,462
Shareholders’ equity
Share capital (authorized for issue as of December 31, 2022 and 2021: unlimited; shares outstanding as of December 31, 2022 and 2021: 380,575,403 and 374,952,693, respectively)	611,318	595,497
Additional paid-in capital	42,682	32,465
Retained earnings	490,682	659,416
Accumulated other comprehensive income (loss)	(797)	49,865
Total equity attributable to shareholders of Cronos Group	1,143,885	1,337,243
Non-controlling interests	(2,921)	(2,967)
Total shareholders’ equity	1,140,964	1,334,276
Total liabilities and shareholders’ equity	$ 1,213,009	$ 1,397,738