Sundial Growers Inc (NASDAQ:SNDL) is trading lower along with broader weakness in the market on Wednesday. Prior to today SNDL was moving off its recent lows. When the market turns SNDL could rally.
Market Action
As of 1:15, SNDL stock has fallen 7.62% to $0.73. The stock has seen a total volume of 108 million shares, compared to its average volume of 247.11 million shares. The stock has moved in range of $0.7200 – 0.7576 after opening at $0.744.
SNDL Released Earnings Last Week
- Sundial Reports First Quarter 2021 Financial and Operational Results
- Earnings from operations of $1.7 million compared to a loss from operations of $32.7 million in the prior quarter.
- Net loss of $134.4 million as a result of $130.0 million of non-cash amounts reflecting the impact of share price volatility on accounting valuation of derivative warrants.
- Achieved first quarter of positive adjusted EBIDTA in Sundial’s history, at $3.3 million compared to an adjusted EBIDTA loss of $5.6 million in the prior quarter.
- $969.5 million unrestricted cash, marketable securities and long-term investments on hand at March 31, 2021 and $1.08 billion at May 7, 2021 with no outstanding debt.
- Investment balance of $96.0 million at March 31, 2021 in cannabis-related loans and marketable securities generated income of $15.7 million for the quarter.
- Gross cannabis revenue was $11.7 million, a decrease of 30% from the prior quarter.
- Subsequent to the quarter end, announced an agreement to acquire Inner Spirit Holdings and Spiritleaf retail cannabis network.
“We are pleased to announce Sundial’s first-ever quarter with positive earnings from operations and adjusted EBITDA,” said Zach George, Chief Executive Officer of Sundial.
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