Press release
SNDL Reports Second Quarter 2023 Financial and Operational Results
The Company achieves record net revenue and gross margin results since its inception CALGARY, AB, Aug. 14, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL)
About this update from Sndl Inc.
[{"type":"text","content":"The Company achieves record net revenue and gross margin results since its inception\nCALGARY, AB, Aug. 14, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) (\"SNDL\" or the \"Company\") reported its financial and operational results for the second quarter ended June 30, 2023. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated.\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.\nSECOND QUARTER 2023 FINANCIAL AND OPERATIONAL HIGHLIGHTS\nNet revenue for the second quarter of 2023 of $244.5 million, compared to $223.7 million in the corresponding period of 2022, an increase of 9.3%. This marks an all-time high for the Company, underscoring SNDL's strategic initiatives and operational enhancements, which have led to financial and operational improvements.Liquor Retail: Net revenue of $151.7 million for the second quarter of 2023, an increase of 2.1% compared to the prior year.Cannabis Retail: Net revenue of $71.9 million for the second quarter of 2023, an increase of 13.2% compared to the prior year.Cannabis Operations: Net revenue of $20.9 million for the second quarter of 2023, an increase of 81% compared to the prior year.Record gross margin of $51.9 million in the second quarter of 2023, compared to $43.1 million in the second quarter of 2022. The 21% increase in gross margin year-over-year is driven by cost-saving measures, supply chain efficiencies, improved pricing strategies, economies of scale, and product mix optimization.Net loss of $33.2 million for the second quarter of 2023, compared to a $74.0 million net loss in the second quarter of 2022. The loss was driven by one-time events, including the Valens Company (\"Valens\") integration and related costs, as well as by realized losses from equity investments.Adjusted EBITDA of $2.2 million for the second quarter of 2023, compared to a loss of $25.9 million from the second quarter of 2022, reflecting the improvement in the financial performance of SNDL's operating segments along with synergies realized through the Company's vertical integration strategies.During the second quarter of 2023, a total of $8.8 million cash was used in operating activities, compared to $17.9 million in the same quarter of last year, an improveme...