Why SNDL Stock Is Popping Off

Why SNDL Stock Is Popping Off

SNDL Inc SNDL shares are trading higher by 5.36% to $3.16, though off the session high of $3.59, during Monday's trading session after the company reported better-than-expected second-quarter sales results.

What Happened?

SNDL reported quarterly losses of 31 cents per share. The company reported quarterly sales of $223.69 million which beat the analyst consensus estimate of $162.60 million by 38%. This is a 2,344% increase over sales of $9.15 million in the same period last year.

SNDL's second quarter of 2022 gross margin grew to $43.1 million, which the company says is a record since its inception, up 1,627% from its second quarter of 2021 loss of $2.8 million.

SNDL experienced a net loss of $74.0 million for the second quarter of 2022, compared to a $52.3 million net loss in the second quarter of 2021, a 41% increase.

SNDL says the company has $900 million of cash, marketable securities and long-term investments and no outstanding debt at June 30, 2022; $334.9 million of unrestricted cash at August 11, 2022.

See Also: Snap Stock Is Moving Monday: What's Going On?

According to data from Benzinga Pro, SNDL has a 52-week high of $9.60 and a 52-week low of $2.12.

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