- Sundial Announces Share Repurchase Program
- Sundial Reports Third Quarter 2021 Financial and Operational Results
Net earnings of $11.3 million for the third quarter of 2021 compared to $71.4 million loss in the third quarter of the prior year.
Adjusted EBITDA of $10.5 million for the third quarter of 2021, compared to an adjusted EBITDA loss of $4.4 million in the third quarter of 2020.
Net revenue from Cannabis segments of $14.4 million for the third quarter of 2021, an increase of 57% over the second quarter of 2021 and an increase of 12% over the third quarter of 2020.
Gross margin from Cannabis segments was $1.8 million, including a loss of $1.9 million from cannabis cultivation and production compared to a loss of $19.5 million from that segment in the third quarter of 2020.
Investment and fee revenue of $3.3 million, realized gains on marketable securities of $6.0 million and Sundial's share of profit from equity accounted investees of $9.9 million for the third quarter of 2021 compared to Nil in the third quarter of the prior year, which preceded the start of these activities.
$1.1 billion of cash, marketable securities and long-term investments at September 30, 2021, and $1.2 billion at November 9, 2021, with $571 million of unrestricted cash and no outstanding debt.
Acquired Inner Spirit on July 20, 2021 and entered into an agreement to acquire Alcanna Inc., Canada's largest private liquor retailer, operating 171 locations, on October 7, 2021, subsequent to the end of the third quarter.
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