Press release
SNDL Reports First Quarter 2023 Financial and Operational Results
Synergy targets related to the Valens acquisition increased to more than $30 million through 2024 CALGARY, AB, May 15, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ:
About this update from Sndl Inc.
[{"type":"text","content":"Synergy targets related to the Valens acquisition increased to more than $30 million through 2024\nCALGARY, AB, May 15, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) (\"SNDL\" or the \"Company\") reported its financial and operational results for the first quarter ended March 31, 2023. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated. The results for the first quarter of 2023 include the operating results of The Valens Company Inc. (\"Valens\") subsequent to the acquisition on January 17, 2023, and the results for the first quarter of 2022 include one day of Alcanna Inc. (\"Alcanna\") operations subsequent to the acquisition closing on March 31, 2022.\n\n \n \n \n \n \n \n\n \nSNDL has also posted a supplemental investor presentation on its website, which can be found at https://sndl.com.\nFIRST QUARTER 2023 FINANCIAL AND OPERATIONAL HIGHLIGHTS\nNet revenue for the first quarter of 2023 of $202.5 million, compared to $240.4 million in the fourth quarter of 2022, and $17.6 million in the first quarter of 2022, representing a 1,050% increase year-over-year. The increase over the comparative quarter in the prior year is due to the acquisitions of Alcanna, Valens and Zenabis. The decrease in revenue in the first quarter of 2023, as compared to the fourth quarter of 2022, can be attributed to seasonality in the Liquor Retail segment, as the fourth quarter is traditionally the strongest and the first quarter is typically the weakest. This was partially offset by an increase in revenue from the Cannabis Operations segment due to the partial quarter contribution of Valens in 2023.Liquor Retail: Net revenue of $115.9 million for the first quarter of 2023.Cannabis Retail: Net revenue of $67.4 million for the first quarter of 2023.Cannabis Operations: Net revenue of $19.1 million for the first quarter of 2023.Net loss of $36.1 million for the first quarter of 2023, compared to a $161.6 million net loss in the fourth quarter of 2022, and a $38.0 million net loss in the first quarter of 2022. The loss for the first quarter was impacted by the seasonal downturn in Liquor Retail sales and inventory and asset impairments of $10 million.Adjusted EBITDA of $7.4 million for the first quarter of 2023, compared to a loss of $7.5 million in the fourth quarter of 2022, and a loss of ...