SNDL’s Q3 Revenue Slides Year-Over-Year Due To Liquor Market Softening, Cannabis Operations Going Strong
Cannabis company SNDL Inc. (NASDAQ:SNDL) reported its financial results Tuesday for the third quarter ended Sept. 30, 2024 with revenue of CA$236.9 million ($170.65 million), compared to CA$237.6 million in the same period last year and CA$228.1 million in the previous quarter. The Calgary, Alberta-based cannabis operator attributed the revenue decrease to market softness in the liquor retail segment, adding that both cannabis retail and cannabis operations segments experienced strong growth.
“We are pleased with the substantial progress reflected in our results for the third quarter of 2024 as we advance towards sustainable profitability,” stated Zach George, chief executive officer of SNDL. “Our team delivered a record gross margin, positive cash flow and free cash flow, and closed the quarter with over a quarter billion dollars in unrestricted cash and zero debt. We are materially improving our operational performance while executing multiple strategic initiatives that we believe will solidify our foundation and drive sustained, profitable growth. Our strong balance sheet serves as a beacon for future opportunities, allowing us to thoughtfully deploy capital into organic and inorganic investments with …