Shares of Cronos Group Inc. (NASDAQ: CRON) are soaring 10% in Thursday's pre-market trading session, following the release of the company's impressive first-quarter financial results. The cannabis company reported earnings that significantly exceeded expectations and demonstrated robust year-over-year growth, marking a turnaround in profitability.

Cronos Group announced quarterly earnings of $0.02 per share, a remarkable 300% improvement from the $0.01 loss per share reported in the same period last year. The company's net income reached $7.7 million, compared to a loss of $2.5 million in the previous year. This positive earnings surprise has caught investors' attention, driving the stock's significant upward movement.

In addition to the earnings beat, Cronos Group reported quarterly sales of $32.26 million, surpassing the analyst consensus estimate of $31.70 million by 1.79%. The revenue figure represents a substantial 27.58% increase compared to the $25.29 million recorded in the same quarter of the previous year. The company attributed this growth to higher cannabis flower sales in Israel and other countries, as well as increased cannabis extract sales in the Canadian market. Cronos Group's Chairman and CEO, Mike Gorenstein, stated that 2025 is shaping up to be a transformative year for the company as it executes its strategic priorities to drive revenue growth, expand margins, and maintain disciplined cost management.