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SNDL

SNDL Inc.

SNDL

SNDL Inc. • NASDAQ
$1.76 ▲ 1.15% (+0.02)
Market Cap $453.20 M
52w High $2.89
52w Low $1.15
Dividend Yield 0%
P/E -6.77
Volume 909.91K
Outstanding Shares 257.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $244.219M ▼ $75.227M ▲ $-13.319M ▼ -5.454% ▼ $-0.052 ▼ $653K ▼
Q2-2025 $244.769M ▲ $62.598M ▼ $2.885M ▲ 1.179% ▲ $0.011 ▲ $18.632M ▲
Q1-2025 $204.914M ▼ $68.694M ▼ $-14.707M ▲ -7.177% ▲ $-0.057 ▲ $1.31M ▲
Q4-2024 $257.679M ▲ $144.888M ▲ $-67.142M ▼ -26.056% ▼ $-0.262 ▼ $-57.866M ▼
Q3-2024 $236.892M $81.479M $-19.328M -8.159% $-0.072 $-2.031M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $241.315M ▲ $1.318B ▲ $218.77M ▲ $1.099B ▲
Q2-2025 $211.67M ▼ $1.293B ▼ $205.282M ▼ $1.088B ▼
Q1-2025 $224.339M ▼ $1.312B ▼ $212.074M ▼ $1.1B ▼
Q4-2024 $248.89M ▼ $1.349B ▼ $215.886M ▼ $1.133B ▼
Q3-2024 $289.286M $1.443B $218.804M $1.208B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.319M ▼ $31.701M ▲ $10.522M ▲ $-9.866M ▲ $32.357M ▲ $26.516M ▲
Q2-2025 $2.885M ▲ $6.117M ▼ $-7.161M ▼ $-11.599M ▲ $-12.643M ▼ $4.037M ▼
Q1-2025 $-14.707M ▲ $7.788M ▼ $17.172M ▲ $-22.452M ▲ $2.508M ▲ $6.2M ▼
Q4-2024 $-67.249M ▼ $24.117M ▲ $-45.703M ▼ $-23.031M ▼ $-44.617M ▼ $20.825M ▲
Q3-2024 $-19.336M $22.794M $66.488M $-9.24M $80.042M $18.667M

Five-Year Company Overview

Income Statement

Income Statement SNDL has grown its revenue very rapidly over the past few years and now seems to be in a more stable, plateau phase. The business has moved from deeply negative margins to smaller losses, with gross profit improving but operating and net income still in the red. This suggests scale and better cost control, but not yet a consistently profitable core business. The trend is encouraging, yet the company still needs further margin improvement and cost discipline to turn growth into durable earnings.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a company in a volatile industry. Assets and shareholder equity are sizable, and debt remains modest compared with the overall size of the business, which limits financial strain. Cash has come down from earlier peak levels but remains meaningful, implying SNDL has already deployed a big portion of its prior cash cushion into acquisitions and expansion. The key question going forward is whether the company can preserve this balance sheet strength while still absorbing ongoing losses and funding growth initiatives.

Cash Flow

Cash Flow SNDL’s cash flow profile has meaningfully improved, moving from years of cash burn to recently generating positive cash from operations and free cash flow. Capital spending has been relatively low and steady, so the swing is mainly about better underlying business performance and working-capital management. If this positive cash generation can be sustained, it reduces reliance on external funding and supports strategic flexibility. However, the turnaround is still young, so there is some uncertainty about its durability in a cyclical and regulated market.

Competitive Edge

Competitive Edge SNDL benefits from scale, a broad retail footprint, and vertical integration across cultivation, manufacturing, and retail in both cannabis and liquor. Its mix of premium, mid-tier, and value brands, plus exposure to more stable liquor sales, helps spread risk across different customer segments and product types. Control over the retail channel gives it direct consumer access and valuable data, which many competitors lack. At the same time, the cannabis space remains crowded, highly regulated, and price sensitive, so maintaining pricing power and profitability is an ongoing challenge despite SNDL’s advantages.

Innovation and R&D

Innovation and R&D The company’s innovation is focused more on operational excellence than on heavy scientific R&D. Initiatives such as “craft-at-scale” growing, low-cost biomass sourcing, and award-winning genetics aim to combine quality with efficiency. SNDL is also leaning into higher-value categories like edibles and infused products, and it uses transaction-level retail data to refine its product mix and customer experience. Academic partnerships in medical cannabis research add longer-term optionality, but near-term differentiation appears driven primarily by execution, branding, and category expansion rather than breakthrough technology.

Summary

SNDL has transformed from a small cultivator into a diversified cannabis and liquor platform with much larger scale and a stronger strategic footprint. Financially, the company shows real progress—revenue growth, improving margins, and a recent move to positive free cash flow—yet it still has not achieved consistent profitability. The balance sheet remains a key strength, giving SNDL room to pursue acquisitions, product expansion, and potential international or U.S. moves, though that cushion has been drawn down from prior highs. Looking ahead, the main things to watch are: sustained cash generation, a clear path to steady profits, execution in edibles and international markets, and how management navigates regulatory shifts and intense competition in the cannabis sector.

NEWS

November 21, 2025 · 4:30 PM UTC

SNDL Announces Renewal of Share Repurchase Program

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October 15, 2025 · 4:30 PM UTC

SNDL to Announce Third Quarter 2025 Financial Results on November 4, 2025

Read more