SNDL Inc. Releases Second-Quarter Results
Aug 15, 2022 By MarketDepth
SNDL Inc. (SNDL:NYQ) announced second-quarter revenue, which beat analyst expectations. The company is in the cannabis retail, production, cultivation and investments sector. The company reported $223.7 million in revenue compared to $9.2 million a year earlier and analyst expectations were set at $207.7 million.
Shares of SNDL surged Monday after being up more than 6% intraday.
“Despite material cost inflation, rising interest rates, continued cannabis price compression and intense competition, SNDL continues to drive toward improved results.”Chief Executive Zach George said in the company’s conference call
Cannabis has seen billions of dollars in value wiped out of companies over the last few years and SNDL has started to diversify their portfolio with investments into liquor retail which has produced $148.6 million in second-quarter revenue. With the cannabis sector in a consolidation cycle and many companies trimming their bottom lines, SNDL has begun seeing some light at the end of the tunnel.
“We are pleased with our cannabis brand sales in the second quarter in an environment that continues to be highly competitive. This is the first quarter since inception that our cannabis operations have generated positive adjusted Ebitda.”Chief Executive Zach George