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SNDL Q1 2022 Net Loss Narrows, Revenue Rises

Sundial Growers (SNDL) reports a narrower Q1 net loss late Monday of $0.02 ($0.02) per diluted share, compared with CA$0.09 a year earlier.

However, SNDL revenue for the quarter ended March 31 was CA$17.6 million ($13.7 million), up from CA$9.9 million a year earlier.

Sundial Growers shares were down nearly 12% Monday in after-hours trading.

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  • Acquired Alcanna Inc. (“Alcanna“) on March 31, 2022, creating the largest private sector cannabis and liquor retail network in Canada.
  • Net revenue for the first quarter of 2022 of $17.6 million, including one day of revenue on the acquisition of Alcanna, an increase of 78% over the first quarter of 2021.
    • Cannabis Cultivation and Production: Net revenue of $8.8 million for the first quarter of 2022.
    • Cannabis Retail: Net revenue of $7.5 million for the first quarter of 2022 (including $0.7 million for one day of revenue from Nova Cannabis Inc. (“Nova“) acquired as part of the Alcanna acquisition).
    • Liquor Retail: One-day revenue contribution of $1.3 million from the Alcanna acquisition.
  • Alcanna’s revenues for the period from January 1, 2022 to March 30, 2022 (prior to the date it was acquired by Sundial were $162.5 million, with gross margin of approximately $36.3 million, which, subject to certain acquisition-related and other adjustments, would have been consolidated with Sundial’s results for this period had the acquisition occurred on January 1, 2022.
  • Gross margin increased to $3.4 million for the first quarter of 2022 compared to a loss of $3.5 million in the first quarter of 2021, a 199% increase.
  • Net loss was improved to $38.0 million for the first quarter of 2022 compared to a $134.4 million net loss in the first quarter of 2021, an improvement of 72%.
  • Adjusted EBITDA loss of $0.7 million for the first quarter of 2022, compared to Adjusted EBITDA of $3.3 million in the first quarter of 2021, largely driven by central bank interest rate changes and fair value adjustments related to the SunStream joint venture.
  • $1.0 billion of cash, marketable securities, and long-term investments and no outstanding debt at March 31, 2022$361 million of unrestricted cash at May 13, 2022.

SNDL Q1 2022 Net Loss Narrows, Revenue Rises

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