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.
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.