Press release
Sundial Reports First Quarter 2022 Financial and Operational Results
CALGARY, AB, May 16, 2022 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") reported its financial and operational results for
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, May 16, 2022 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\" or the \"Company\") reported its financial and operational results for the first quarter ended March 31, 2022. 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 \nThe Company will hold a conference call and webcast at 10:30 a.m. EDT (8:30 a.m. MDT) on Tuesday, May 17, 2022. Please see the dial-in details within the release and additional details on Sundial's website at www.sndlgroup.com.\nThis press release is intended to be read in conjunction with the Company's Financial Statements and Notes for the period and the accompanying Management's Discussion and Analysis (\"MD&A\"). These reports are available under the Company's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.\nSundial has also posted a supplemental investor presentation on its website which can be found at https://sndlgroup.com/investors.\nFIRST QUARTER 2022 FINANCIAL AND OPERATIONAL HIGHLIGHTS\nAcquired Alcanna Inc. (\"Alcanna\") on March 31, 2022, creating the largest private sector cannabis and liquor retail network in Canada.Net revenue for the first quarter of 2022 of $17.6 million, including one day of revenue on the acquisition of Alcanna, an increase of 78% over the first quarter of 2021.Cannabis Cultivation and Production: Net revenue of $8.8 million for the first quarter of 2022.Cannabis Retail: Net revenue of $7.5 million for the first quarter of 2022 (including $0.7 million for one day of revenue from Nova Cannabis Inc. (\"Nova\") acquired as part of the Alcanna acquisition).Liquor Retail: One-day revenue contribution of $1.3 million from the Alcanna acquisition.Alcanna's revenues for the period from January 1, 2022 to March 30, 2022 (prior to the date it was acquired by Sundial were $162.5 million, with gross margin of approximately $36.3 million, which, subject to certain acquisition-related and other adjustments, would have been consolidated with Sundial's results for this period had the acquisition occurred on January 1, 2022.Gross margin increased to $3.4 million for the first quarter of 2022 compared to a loss of $3.5 million in the first quarter of 2021, a 199% increase.Net loss was improved to $38.0 million for the first quarter of 2022 com...