Sundial Growers reports Q3 revenue C$230.5M vs. C$14.4M last year

Reports Q3 adjusted EBITDA $18.3M. Record net revenue for the third quarter of C$230.5M, compared to C$223.7M in the second quarter of and $14.4M in the third quarter of 2021, representing a 3% increase sequentially and 1,501% increase year-over-year. "As a result of our team’s focus on operational execution and sustainable profitability, we delivered record revenue and cash flow from operations in the third quarter," said Zach George, CEO of Sundial. "Our regulated products platform has shown resiliency in the face of stiff industry and macroeconomic headwinds, and our vertically integrated cannabis business is in the early stages of providing the scale and results that we believe are required for SNDL to be a strong member of a future oligopoly in Canada. Our integration work and cost control initiatives will continue into 2023 as we remain focused on opportunities related to the Alcanna assets and look to close the proposed acquisition of Valens in the first quarter of 2023. With Valens, SNDL aims to be a leader in Canadian cannabis manufacturing with broad cannabis product capabilities, strong optionality related to low-cost procurement, and best-in-class innovation potential. I am privileged to serve passionate professionals, including more than 2,500 employees that have tirelessly worked to transform our business and delight consumers on a daily basis. Our transformation is far from complete, but with an improving portfolio, cost discipline and continued organic and acquisitive growth, we believe that we are well-positioned to reach our objectives, including the generation of sustainable free cash flow and long-term shareholder value."