SNDL Cannabis Co. Wraps Up Q1 With No Outstanding Debt As It Works On Expanding In US
SNDL Inc. (NASDAQ:SNDL) announced its financial and operational results on Thursday for the first quarter ended March 31, 2024.
The company reported a total net revenue of CA$197.7 million, up from CA$191 million in the prior year’s period. Out of that sum, cannabis retail revenue amounted to CA$71.3 million, while cannabis operations totaled CA$22.4 million.
SNDL attributed the increase to the cannabis retail and operations segments, as the liquor retail segment reported flat net revenue.
“The SNDL team has delivered a solid first quarter result, exemplified by a record gross margin of 25% and the undeniable improvement in the profitability of all of our operating segments over multiple years,” Zach George, CEO of SNDL said. “We are well positioned to further expand our retail network and product distribution in Canada where we expect further consolidation and attrition.”
Q1 2024 Financial Highlights
Gross profit totaled CA$50.4 million, up from CA$32.5 million in the prior year’s period.
Operating loss was CA$4.4 million, compared to CA$32.2 million loss in …