Press release
Sundial Reports Third Quarter 2021 Financial and Operational Results
CALGARY, AB, Nov. 11, 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, Nov. 11, 2021 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\" or the \"Company\") reported its financial and operational results for the third quarter ended September 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 will hold a conference call and webcast at 10:30 a.m. EST (8:30 a.m. MST) on Friday, November 12, 2021. Please see the dial-in details within the release, as well as additional details on Sundial's website at www.sndlgroup.com. \nTHIRD QUARTER 2021 OPERATIONAL AND INVESTMENT HIGHLIGHTS \nNet earnings of $11.3 million for the third quarter of 2021 compared to $71.4 million loss in the third quarter of the prior year. Adjusted EBITDA of $10.5 million for the third quarter of 2021, compared to an adjusted EBITDA loss of $4.4 million in the third quarter of 2020. Net revenue from Cannabis segments of $14.4 million for the third quarter of 2021, an increase of 57% over the second quarter of 2021 and an increase of 12% over the third quarter of 2020. Cannabis Cultivation and Production: Net revenue for the cultivation and production of cannabis was $8.2 million compared to $9.2 million in the previous quarter, a decline of 11%. Cannabis Retail: Net revenue for cannabis retail was $6.1 million following the acquisition of Inner Spirit Holdings Inc. (\"Inner Spirit\") and the Spiritleaf retail network (\"Spiritleaf\") during the third quarter. Gross margin from Cannabis segments was $1.8 million, including a loss of $1.9 million from cannabis cultivation and production compared to a loss of $19.5 million from that segment in the third quarter of 2020.Investment and fee revenue of $3.3 million, realized gains on marketable securities of $6.0 million and Sundial's share of profit from equity accounted investees of $9.9 million for the third quarter of 2021 compared to Nil in the third quarter of the prior year, which preceded the start of these activities.$1.1 billion of cash, marketable securities and long-term investments at September 30, 2021, and $1.2 billion at November 9, 2021, with $571 million of unrestricted cash and no outstanding debt. Acquired Inner Spirit on July 20, 2021 and entered into an agreement to acquire Alcann...