SNDL Smokes Gross Margins with Record Results on Q1 Earnings Report

PRISM Cannabis Index company, SNDL, Inc. (SNDL) announced first quarter record gross margins of 25% with gross profits of $50.4M which was up 17% from a year ago. Additionally, net revenues increased by 4% year-over-year but on a quarterly basis declined by $50.7M, due to seasonality. Operating loss improved greatly at $4.4M compared to $32.2M a year ago with an unrestricted cash position of $189M and no outstanding debt.

SNDL Chief Executive Officer, Zach George stated, “We are well positioned to further expand our retail network and product distribution in Canada where we expect further consolidation and attrition. Building on the momentum of our Canadian operations, the recent completion of Nasdaq’s review of our SunStream USA structure creates an opportunity for SNDL to close on U.S. assets currently under restructuring, positioning us to become a leading global cannabis company.”

Shares are slightly down on the release today however, the company has been up over 50% YTD and is up ~15% in the past month.