Press release
Sundial Reports Second Quarter 2021 Financial and Operational Results
CALGARY, AB, Aug. 12, 2021 /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, Aug. 12, 2021 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\" or the \"Company\") reported its financial and operational results for the second quarter ended June 30, 2021. All financial information in this press release is reported in millions of Canadian dollars and represents results from continuing operations, unless otherwise indicated.\n\n \n \n \n \n \n \n\n \nThe Company plans to hold a conference call and webcast at 8:30 a.m. MT (10:30 a.m. ET) on Friday, August 13, 2021. Please see the dial-in details within the release, as well as additional details on Sundial's website at www.sndlgroup.com. \nSECOND QUARTER 2021 OPERATIONAL AND INVESTMENT HIGHLIGHTS \nNet revenue for the Company's cannabis segment of $9.2 million. Investment and fee revenue of $5.7 million and Sundial's share of profit of equity accounted investees of $3.7 million for total net revenue and equity pickup of $18.6 million for the quarter. Gross cannabis revenue of $12.7 million, an increase of 8% compared to the previous quarter. Net loss of $52.3 million for the second quarter of 2021 compared to $60.4 million in the second quarter of the prior year. Excluding a non-cash provision for impairment on the Olds facility of $60.0 million, net income would have been $7.7 million for the 2021 second quarter. Adjusted EBITDA loss of $0.2 million for the second quarter of 2021, compared to an adjusted EBITDA loss of $3.9 million in the second quarter of 2020. Gross margin loss and gross margin before fair value adjustments loss from cannabis operations of $2.0 million and $0.4 million, respectively, compared to losses of $3.3 million and $1.6 million, respectively, for the previous quarter. $1.3 billion of cash, marketable securities and long-term investments at June 30, 2021 and $1.2 billion at August 9, 2021, with no outstanding debt. Fair market value of investments at June 30, 2021 was $354.5 million in cannabis-related credit facilities and marketable securities. Cannabis-related credit facilities of $253.0 million at second quarter end generated interest and fee income of $7.1 million for the quarter compared to $2.8 million in the previous quarter. ATM net proceeds for the second quarter of $327.4 million at an average price of $1.30 per share. The Company's ATM facility has been inactive for 49 days prior to this news relea...