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- With a ~25.3% gain, Sundial Growers (NASDAQ:SNDL) continues to trade higher in the pre-market after the company announced Q3 2021 results and a share repurchase program valued at C$100M.
- More than 164M Sundial (SNDL) shares have changed hands currently, nearly double the 65-day average volume.
- In terms of financials, the Canadian Licensed Producer recorded C$11.0M in gross revenue indicating ~29% YoY decline. However, net revenue from Cannabis segments climbed ~12% YoY to C$14.4M despite ~11% YoY contraction in Cannabis Cultivation and Production, which generated C$8.2M in net revenue.
- Meanwhile, Cannabis Retail recorded C$6.1M, driven by the acquisition of Spirit Holdings and the Spiritleaf retail network during the quarter.
- Notably, the company swung to profits recording C$11.3M in net earnings compared to C$71.4M net loss in the previous year’s quarter.
- "Our third quarter results reflect the initial impact of the business transformation led by Sundial's team over the last 10 months," CEO Zach George remarked.
- “We expect that the achievement of our objectives will result in an aggregate base business that generates free cash flow in 2022," he added.
- As of Nov. 09, Sundial Growers (SNDL) reported C$571M of an unrestricted cash balance.
- Explore the past financials of the company.