Press release
SNDL Reports Third Quarter 2022 Financial and Operational Results with Record Net Revenue and Cash Flow from Operations
CALGARY, AB, Nov. 14, 2022 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") reported its financial and operational results for the third
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, Nov. 14, 2022 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) (\"SNDL\" or the \"Company\") reported its financial and operational results for the third quarter ended September 30, 2022. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated. The results for the third quarter of 2021 do not include the subsequent acquisition of Alcanna Inc. (\"Alcanna\"), which closed 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/investors.\nTHIRD QUARTER 2022 FINANCIAL AND OPERATIONAL HIGHLIGHTSRecord net revenue for the third quarter of 2022 of $230.5 million, compared to $223.7 million in the second quarter of 2022 and $14.4 million in the third quarter of 2021, representing a 3% increase sequentially and 1,501% increase year-over-year.Liquor Retail: Net revenue of $152.5 million for the third quarter of 2022.Cannabis Retail: Net revenue of $66.2 million for the third quarter of 2022.Cannabis Operations: Net revenue of $11.8 million for the third quarter of 2022.Net loss of $98.8 million for the third quarter of 2022, substantially due to non-cash charges for impairments of $86.5 million and changes in estimate of fair value of derivative warrants of $8.5 million, compared to a $73.3 million net loss in the second quarter of 2022 and net income of $16.7 million in the third quarter of 2021.Adjusted EBITDA of $18.3 million for the third quarter of 2022, up 169% from the second quarter of 2022 and up 74% from the third quarter of 2021.Record net cash provided by operating activities of $8.6 million in the third quarter of 2022, compared to a loss of $17.9 million in the second quarter of 2022 and a loss of $56.2 million in the third quarter of 2021.Gross margin grew to $50.3 million in the third quarter of 2022, a record since SNDL's inception, up 17% from the second quarter of 2022 and up 2,723% from the third quarter of 2021.$988 million of cash, marketable securities, and long-term investments and no outstanding debt at September 30, 2022; and $278 million of unrestricted cash at November 11, 2022. SNDL has not raised cash through share offerings since June 2021.Entered into an arrangement agreement to acquire The Valens Company Inc. (\"Valens\"), creating a leadi...