SNDL Inc. (SNDL) stock plunged over 12% in pre-market trading on Monday, as the cannabis company reported a wider-than-expected loss for the third quarter of 2024, overshadowing its record-high gross margins and positive free cash flow.
The Calgary-based company reported an adjusted net loss of C$0.07 per share for the quarter ended September 30, 2024, missing analysts' estimates of a C$0.05 loss per share. However, revenue of C$236.9 million exceeded expectations of C$232.4 million, driven by strong growth in SNDL's cannabis segments.
SNDL achieved a record gross margin of 26.6% in Q3, a substantial improvement of 610 basis points compared to the same period last year. This was propelled by margin expansion in both the liquor retail and cannabis operations segments. The company also reported positive free cash flow of C$9.2 million for the quarter, although lower than the prior year period due to the timing of inventory build-up.
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