SNDL Reports Record CA$909M In Net Revenue For 2023, CEO Zach George Calls It ‘Foundational’ Period
SNDL Inc. (NASDAQ:SNDL) reported on Thursday its financial and operational results for the full year and fourth quarter ended Dec. 31, 2023, revealing a record net revenue for 2023 of CA$909 million ($670.3 million) compared to CA$712.2 million in 2022. That’s an increase of 28% year-over-year.
The Calgary-based company also reported positive free cash flow achieved in the second half of 2023, totaling CA$17.7 million.
“2023 was a year of significant financial success for SNDL, including record-breaking revenue and gross profit, and the achievement of free cash flow in the second half of the year,” said Zach George, CEO of SNDL. “The generation of stabilized free cash flow continues to be a top priority for our team, and I am proud that we delivered on this stated objective during the last two quarters.”
One of the largest players in the Canadian cannabis market, the company has undergone a notable transition since George became CEO in early 2020, including organic change and M&A. Before rebranding, SNDL was known as Sundial Growers.
“When I arrived and started as a CEO, the company was experiencing extreme challenges,” George said at a 2022 Benzinga cannabis event. “We had cost-control issues and we lacked focus. We were trying to pursue initiatives in wellness, recreational and medical cannabis, spending money …