Sundial Growers Inc. SNDL reported its financial and operational results for the full year and fourth quarter ended December 31, 2021.
FULL YEAR AND FORTH QUARTER 2021 OPERATIONS AND INVESTMENT HIGHLIGHTS
Net revenue for 2021 of CA$56.1 million ($43.57 million), a decrease of 8% over the previous year. Net revenue for the fourth quarter of 2021 was CA$22.7 million, an increase of 63% over the fourth quarter of 2020.
Gross margin improvement to a loss of CA$7.0 million for 2021, compared to a loss of CA$49.9 million in the previous year. Gross margin loss of CA$2.5 million for the fourth quarter of 2021, compared to a loss of CA$4.7 million in the fourth quarter of 2020.
Net loss from continuing operations of CA$230.2 million for the full year 2021 compared to CA$206.3 million loss in the previous year. Net loss from continuing operations of CA$54.8 million for the fourth quarter of 2021, compared to a loss of CA$64.1 million in the fourth quarter of 2020.
Record Adjusted EBITDA from continuing operations of CA$32.1 million for the full year 2021, compared to an Adjusted EBITDA loss of CA$25.6 million in the previous year. Adjusted EBITDA of CA$18.4 million for the fourth quarter of 2021, compared to an Adjusted EBITDA loss of CA$5.6 million in the fourth quarter of 2020.
CA$1.1 billion of cash, marketable securities, and long-term investments, CA$558.3 million of unrestricted cash and no outstanding debt at December 31, 2021. CA$377.7 million of unrestricted cash and no outstanding debt at April 25, 2022.
2021 investment and fee revenue of CA$13.1 million, CA$32.9 million in share of profit from equity accounted investees and net unrealized losses on marketable securities of CA$44.5 million, driven primarily by declines in the share prices of Sundial’s investments in Village Farms International, Inc. VFF and The Valens Company Inc. VLNS
Acquired Inner Spirit Holdings Ltd. on July 20, 2021, and Alcanna Inc. on March 31, 2022, creating the largest private sector cannabis and liquor retail network in Canada.
“2021 was a transformational year for Sundial. We increased the sustainability of our business model, establishing a strong balance sheet, positive Adjusted EBITDA results, and significant improvements in gross margin,” stated Zach George, CEO of Sundial.
“We continue to focus on improvements to our supply chain and manufacturing processes, against a competitive and challenging operating environment in Canada. Sundial is working to become a leading regulated product platform through leveraging consumer insights and innovation to deliver best-in-class products. We are beginning to see positive momentum across all of our key operating segments and remain committed to our goal of becoming free cash flow positive within the 2022 calendar year.”
The company will hold a conference call and webcast at 10:30 a.m. EDT (8:30 a.m. MDT) on April 28, 2022.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.