SNDL Inc. (SNDL)
SNDL Inc. is a Canadian firm engaged in the cultivation, distribution, and sale of cannabis products across the country. Its operations are organized into two distinct segments: Cannabis Operations and Retail Operations. Through its Cannabis Operations, the company manages the growing, supplying, and selling of cannabis specifically for the adult-use market. Meanwhile, its Retail Operations segment is responsible for the direct private sale of recreational cannabis via a network of both corporate-owned and franchised retail outlets. SNDL also produces and distributes a range of inhalable cannabis products, including dried flower, pre-rolled joints, and vape cartridges. These items are marketed under several key brands, such as Top Leaf, Sundial Cannabis, Palmetto, and Grasslands. The company, originally incorporated in 2006 as Sundial Growers Inc., officially adopted its current name, SNDL Inc., in July 2022. Its main corporate office is situated in Calgary, Canada.
Sector: Medicinal Chemicals & Botanical Products
SNDL Inc.
NASDAQ:SNDL
+2.54%$1.42
CLOSED · Nov 6Prev close$1.38+2.54%Close$1.42-1.77%AH close$1.39
AH$1.39-1.77%vs close
Mkt Cap$346.36M
Float214.18M
O/S244.78M
VOL657K sh
$ Vol$917K
RVOL0.47×
Inst Own20.5%
EarningsMar 11 · in 4mo
Dilution
Financials Summary
Revenue$672.82M
Net Income-$11.21M
Total Assets$950.69M
Free Cash Flow$41.31M
Debt & Equity
Debt 13%
Equity 87%
Total Debt$120.93M
Total Equity$783.65M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:10Reverse splitJul 26, 202210 shares → 1
Balance Sheet Details
Assets$950.69M
Liabilities$167.04M
Accounts Receivable$21.65M
Accounts Payable$19.93M
Inventory$92.51M
PP&E (Net)$206.55M
Goodwill$88.42M
Intangible Assets$41.64M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-02-28 | 2017-02-28 |
| Revenue | $672.82M | $654.36M | $646.23M | $506.32M | $39.9M | $43.31M | $45.19M | $6.86M | $0 |
| YoY Growth | 2.8% | 1.3% | 27.6% | 1168.9% | -7.9% | -4.2% | 558.6% | - | - |
| Cost of Revenue | $488.94M | $483.51M | $510.86M | $406.52M | $46.3M | $78.76M | $19.24M | $6.6M | $0 |
| Gross Profit | $183.88M | $170.86M | $135.37M | $99.8M | -$6.4M | -$35.45M | $25.95M | $260K | $0 |
| Gross Margin | 27.3% | 26.1% | 20.9% | 19.7% | -16.0% | -81.9% | 57.4% | 3.8% | - |
| Research and Development | $348K | $246K | $230K | $1.74M | $1.74M | $347K | $1.71M | $294K | $0 |
| Selling, General, and Administrative | $149.74M | $155.89M | $163.63M | $112.51M | $39.38M | $32.94M | $60.93M | $6.39M | $1.01M |
| Other | $36.93M | $88.52M | $87.51M | $232.79M | $48.01M | $63.07M | $538K | $1.18M | $77K |
| Total Operating Expenses | $187.02M | $244.66M | $251.37M | $347.03M | $89.13M | $96.35M | $63.18M | $7.87M | $1.09M |
| Operating Income (EBIT) | -$3.14M | -$73.8M | -$116M | -$247.24M | -$95.53M | -$131.81M | -$37.23M | -$9.16M | -$1.09M |
| Operating Margin | -0.5% | -11.3% | -18.0% | -48.8% | -239.4% | -304.4% | -82.4% | -133.5% | - |
| Interest Expense | $5.35M | $5.47M | $5.63M | $4.2M | $552K | $5.92M | $11.87M | $0 | $0 |
| Interest Income | $5.72M | $11.66M | $10.93M | $12.53M | $9.76M | $114K | $0 | $0 | $0 |
| Other Income (Expense) | -$8.07M | -$1.28M | -$6.29M | -$22.75M | -$71.32M | -$14.87M | -$66.78M | -$78K | -$12K |
| Income Before Tax (EBT) | -$11.21M | -$75.08M | -$122.29M | -$269.99M | -$166.85M | -$146.67M | -$104.01M | -$9.24M | -$1.1M |
| Income Tax Expense | $0 | -$6.69M | $0 | -$5.22M | -$5.63M | $0 | -$2.57M | $0 | -$9K |
| Net Income | -$11.21M | -$67.39M | -$122.75M | -$238.24M | -$161.37M | -$165.82M | -$192.99M | -$9.24M | -$1.1M |
| Net Income Margin | -1.7% | -10.3% | -19.0% | -47.1% | -404.4% | -382.9% | -427.1% | -134.7% | - |
| Supplementary Data | |||||||||
| EPS | -0.06 | -0.38 | -0.65 | -1.50 | -1.24 | -9.50 | -31.78 | -8.50 | -0.18 |
| Diluted EPS | -0.06 | -0.38 | -0.65 | -1.50 | -1.24 | -9.50 | -31.78 | -8.50 | -0.18 |
| Weighted Average OS | 258.05M | 264.20M | 259.37M | 229.87M | 186.04M | 21.86M | 8.57M | 8.38M | 8.38M |
| EBITDA | $34.14M | -$29.29M | -$70.49M | -$232.15M | -$159.07M | -$131.91M | -$92.81M | -$22.28M | -$1.03M |
| EBITDA Margin | 5.1% | -4.5% | -10.9% | -45.9% | -398.7% | -304.6% | -205.4% | -324.7% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-02-28 | 2017-02-28 |
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and Cash Equivalents | $193.8M | $155.24M | $138.66M | $198.76M | $396.87M | $42.92M | $32.23M | $5.46M | $2.64M |
| Short-Term Investments | $404K | $21.71M | $4.69M | $22.88M | $64.54M | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $194.2M | $176.94M | $143.35M | $221.64M | $461.41M | $42.92M | $32.23M | $5.46M | $2.64M |
| Accounts Receivable | $21.65M | $19.99M | $19.24M | $16.09M | $7.72M | $11.3M | $19.65M | $191K | $58K |
| Inventory | $92.51M | $91.78M | $92.06M | $93.31M | $24.11M | $20.72M | $52.79M | $260K | $0 |
| Other Current Assets | $11.61M | $27.63M | $18.67M | $18.28M | $21.34M | $5.92M | $11.25M | $39K | $249K |
| Total Current Assets | $319.96M | $328.33M | $289.28M | $356.51M | $517.67M | $84.15M | $122.72M | $6.34M | $2.98M |
| Long-Term Assets | |||||||||
| Property, Plant & Equipment Net | $206.55M | $185.72M | $200.9M | $197.33M | $44.92M | $83.13M | $200.47M | $11.6M | $5.65M |
| Goodwill | $88.42M | $88.33M | $84.8M | $47.82M | $51.54M | $0 | $8.13M | $0 | $0 |
| Intangible Assets | $41.64M | $43.6M | $52M | $53.24M | $35.65M | $3.6M | $31.28M | $371K | $371K |
| Long-Term Investments | $290.88M | $310.6M | $416.87M | $447.58M | $359.67M | $36.88M | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $3.22M | $2.62M | $3.44M | $6.1M | $5.49M | $1.87M | $0 | $0 | $0 |
| Total Long-Term Assets | $630.72M | $630.87M | $758.02M | $752.06M | $497.28M | $125.48M | $239.88M | $11.97M | $6.03M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $950.69M | $959.2M | $1.05B | $1.11B | $1.01B | $209.63M | $362.59M | $18.31M | $9M |
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | $19.93M | $19.24M | $15.67M | $6.95M | $2.97M | $3.45M | $14.38M | $0 | $0 |
| Short-Term Debt | $25.24M | $0 | $0 | $0 | $0 | $0 | $126.48M | $4.99M | $4.98M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $20.45M | $18K | $3.13M | $7.82M | $15.43M | $304K | $23.11M | $3.49M | -$4.19M |
| Total Current Liabilities | $65.62M | $64.38M | $73.33M | $63.53M | $46.82M | $17.17M | $191.41M | $8.48M | $802K |
| Long-Term Liabilities | |||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $11.54M | $83K | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $2.39M | $0 | $0 |
| Other Long-Term Liabilities | $5.72M | $5.2M | $2.98M | $1.93M | $3.2M | $0 | -$11.54M | $0 | -$71K |
| Total Long-Term Liabilities | $101.42M | $89.1M | $100.01M | $101.19M | $22.94M | $733K | $13.93M | $83K | $12K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $167.04M | $153.48M | $173.34M | $164.72M | $69.76M | $17.9M | $205.34M | $8.56M | $814K |
| Stockholders' Equity | |||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $1.64B | $1.67B | $1.69B | $1.63B | $1.45B | $541.75M | $362.32M | $18.32M | $10.76M |
| Retained Earnings | -$926.86M | -$941.23M | -$896.36M | -$776.32M | -$558.15M | -$396.78M | -$256.17M | -$11.81M | -$2.57M |
| Comprehensive Income & Other | $27.9M | $37.52M | $13.8M | $22.88M | $5.41M | $0 | $4.88M | -$346K | -$88K |
| Other Stockholders' Equity | $66.35M | $78.62M | $68.94M | $75.14M | $55.96M | $48.17M | $47.75M | $3.24M | $0 |
| Total Equity | $783.65M | $805.73M | $861.68M | $928.82M | $945.03M | $193.14M | $153.9M | $9.75M | $8.19M |
| Minority Interest | $0 | $0 | $12.28M | $15.04M | $163K | -$1.41M | $3.35M | $0 | $0 |
| Total Liabilities and Equity | $950.69M | $959.2M | $1.04B | $1.09B | $1.01B | $211.04M | $359.24M | $18.31M | $9M |
| Supplementary Data | |||||||||
| Total Debt | $120.93M | $108.25M | $118.74M | $120.74M | $23.79M | $1.02M | $150.07M | $5.08M | $18K |
| Net Debt | -$72.87M | -$46.98M | -$19.91M | -$78.03M | -$373.08M | -$41.9M | $117.84M | -$382K | -$2.62M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-02-28 | 2017-02-28 |
| Operating Activities | |||||||||
| Net Income | -$11.21M | -$68.39M | -$125.51M | -$264.77M | -$163.64M | -$146.67M | -$101.45M | -$9.24M | -$1.1M |
| Depreciation & Amortization | $40M | $40.32M | $46.17M | $33.64M | $7.23M | $8.23M | $4.48M | $292K | $77K |
| Deferred Income Tax | $0 | -$6.69M | $0 | -$5.22M | -$1.61M | $0 | -$2.57M | $1.58M | $0 |
| Stock-Based Compensation | $9.89M | $14.24M | $10.95M | $6.88M | $8.75M | $6.09M | $27.51M | $3.25M | $0 |
| Changes in Working Capital: | |||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3K |
| Inventory | $0 | $0 | $0 | $4.98M | $12.07M | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $1.02M | -$5.29M | -$23.37M | -$20.68M | -$13.16M | -$3.74M | -$29.59M | $0 | -$113K |
| Total Working Capital Change | $1.02M | -$5.29M | -$23.37M | -$15.69M | -$1.09M | -$3.74M | -$29.59M | $647K | -$109K |
| Other Non-Cash Items | $10.72M | $64.85M | $79.93M | $240.39M | $39.87M | $95.22M | $21.47M | -$260K | $139K |
| Net Cash from Operating | $50.42M | $39.04M | -$11.84M | -$4.77M | -$110.5M | -$40.87M | -$80.15M | -$3.73M | -$992K |
| Investing Activities | |||||||||
| Capital Expenditures | -$9.11M | -$6.12M | -$5.58M | -$7.72M | -$2.7M | -$2.15M | -$78.39M | -$5.39M | -$3.4M |
| Acquisitions | -$2.13M | -$28.06M | -$15.21M | -$105.06M | -$340.06M | $0 | -$54.76M | $0 | $0 |
| Purchases of Investments | -$11.67M | $0 | -$520K | -$53.74M | -$17.21M | -$36.88M | $0 | $0 | $0 |
| Sales of Investments | $32.4M | $0 | $0 | $0 | $7.59M | $0 | $0 | $0 | $0 |
| Other Investing Activities | $2.92M | $46.82M | $3.66M | $2.9M | -$435K | -$11.36M | -$18.38M | -$1.49M | $625K |
| Net Cash from Investing | $12.41M | $12.63M | -$17.64M | -$163.63M | -$352.82M | -$50.39M | -$151.53M | -$6.88M | -$2.78M |
| Financing Activities | |||||||||
| Debt Repaid | $27.9M | $26.27M | $29.16M | $26.8M | $7.37M | $47.52M | -$131.57M | - | $77K |
| Common Stock Issuance | $0 | $0 | $0 | $16K | $755.22M | $129.27M | $125.98M | $6.8M | $6.8M |
| Common Stock Repurchases | -$10.91M | -$9.44M | -$1.09M | -$9.52M | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $75K | $619K | -$377K | $6.59M | $69.42M | $19.73M | -$2.85M | $13.43M | -$5.5M |
| Net Cash from Financing | -$38.74M | -$35.09M | -$30.63M | -$29.71M | $817.27M | $101.48M | $254.7M | $13.43M | $6.21M |
| Forex Effect | $0 | $0 | $0 | $0 | -$6K | $473K | -$832K | $0 | $0 |
| Net Change in Cash | $24.09M | $16.58M | -$60.1M | -$198.11M | $353.95M | $10.69M | $22.19M | $2.82M | $2.44M |
| Supplementary Data | |||||||||
| Operating Cash Flow | $50.42M | $39.04M | -$11.84M | -$4.77M | -$110.5M | -$40.87M | -$80.15M | -$3.73M | -$992K |
| Capital Expenditure | -$9.11M | -$7.83M | -$5.64M | -$7.72M | -$2.7M | -$2.26M | -$78.39M | -$5.39M | -$3.4M |
| Free Cash Flow | $41.31M | $31.21M | -$17.47M | -$12.49M | -$113.2M | -$43.13M | -$158.54M | -$9.12M | -$4.4M |
| Cash at Beginning | $155.24M | $138.66M | $198.76M | $396.87M | $42.92M | $32.23M | $10.04M | $2.64M | $206K |
| Cash at End | $179.32M | $155.24M | $138.66M | $198.76M | $396.87M | $42.92M | $32.23M | $5.46M | $2.64M |