What's Going On With SNDL Stock?

SNDL Inc. (NASDAQ:SNDL) shares are trading higher Wednesday. The company reported its second quarter financial results on Monday.

What To Know:

SNDL reported C$244.51 million in second-quarter sales, representing a 9.31% increase over sales year-over-year and marking an all-time high quarterly revenue for the company. The company also reported gross margin of C$51.9 million in the second quarter, representing a 21% increase year-over-year. SNDL attributed the increase to a combination of cost-saving measures, supply chain efficiencies, improved pricing strategies, economies of scale, and product mix optimization.

"Our incredible two-year journey from less than C$10 million of net revenue and negative gross margin in Q2 2021 to our current trajectory of reaching an expected C$1 billion in annual revenue and continued gross margin growth in 2023 is a testament to our team's commitment to becoming a leader in Canadian regulated products," said Zach George, CEO of SNDL.

"We have taken decisive steps to simplify operations throughout our business segments with a sharp focus on the goal of reaching profitability in 2024."

According to Benzinga Pro, more than 3.6 million shares have been traded in the session, compared to the stock's 100-day average of 2.99 million shares.

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SNDL Price Action: According to Benzinga Pro, SNDL shares are trading 6% higher at $1.68 at the time of publication.

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