Press release
Sundial Reports Third Quarter 2020 Financial Results
CALGARY, AB, Nov. 11, 2020 /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, Nov. 11, 2020 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\" or the \"Company\") reported its financial and operational results for the third quarter ended September 30, 2020. 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 \nTHIRD QUARTER 2020 FINANCIAL AND OPERATIONAL HIGHLIGHTS\nBranded net cannabis sales increased to 77% of total cannabis sales from 69% in the previous quarter as Sundial continues to transition from reliance on wholesale to branded retail salesNet cannabis revenue for the third quarter of 2020 was $12.9 million, a decrease of 36% over the second quarter of 2020 due primarily to focus on branded retail salesBranded product average gross selling price for the quarter remained relatively stable at $5.53 per gram equivalent from $5.67 per gram equivalent in the previous quarter Principal amount of debt outstanding decreased by $23 million during the third quarter. A total of $100 million of debt has been eliminated year to date and current cash on hand stands at $60 millionCash used from operations decreased by 63% to $5.3 million for the quarter, not including the change in non-cash working capital, financing and investing activities, from $14.3 million during the previous quarterDried bulk cost per gram sold was $1.18, a decrease of 12% from the previous three months ended June 30, 2020. Management is working towards a target cash cost of $0.69 per gram General and administrative costs were reduced by 7% from $7.7 million to $7.2 million in the third quarter of 2020 when compared to the previous three months ended June 30, 2020Capital raises provided gross proceeds of $26.4 million during the quarter and $48.1 million subsequent to the end of the quarterA total of $4.1 million was received under the Canada Emergency Wage Subsidy (CEWS)Net loss was $71.4 million in the third quarter; adjusted EBITDA loss increased by 13% over the previous quarter to $4.4 million from $3.9 millionA property, plant, and equipment impairment provision of $60 million was recorded on the Olds facility and an inventory impairment provision of $19.9 million was recorded on dried cannabis and cannabis extracts\"While our third quarter revenue decreased, we are pleased with the demonstrated improvement in operat...