Monday, September 15, 2025

SNDL Reports Record Annual Revenue in 2024, But Still Posts An Operating Loss

SNDL (NASDAQ: SNDL) has reported its Q4 and full-year 2024 financial and operational results, reporting $257.7 million in quarterly net revenue, a 3.7% increase from the same period in the previous year. Over the full year, net revenue reached a record $920.4 million, marking a 1.3% rise compared to 2023.

Gross profit also hit record levels at $68.8 million for the quarter (up 20.0% year over year) and $240.3 million for 2024 as a whole (up 26.2%). As a result, the company’s overall gross margin improved significantly to 26.1% for the full year, compared to 20.9% in 2023.

Despite this, SNDL posted an operating loss of $76.1 million for the quarter and $103.8 million for the full year. Management attributed most of these losses to non-cash valuation adjustments in its investment portfolio—mainly linked to SunStream Bancorp—and the write-off of Spiritleaf’s intangible assets.

On a per segment basis, the liquor retail business contributed $154.1 million in quarterly revenue, down 3.4% compared to the previous year’s fourth quarter. Full-year revenue contribution declined 4.1% from 2023 due to soft consumer demand, but operating income for this segment up by 21.8% in the quarter and 41.1% for the full year.

In an environment of cautious consumer spending, the segment’s same-store sales decreased 3.5% in the fourth quarter and 4.6% for the full year.

The Cannabis Retail segment posted $83.2 million in fourth-quarter revenue, a 10.7% year-over-year increase, and $311.7 million for the full year, up 7.5% from 2023. Same-store sales rose by 6.3% in the final quarter and 3.5% over the full year.

Although this segment reported an operating loss of $9.0 million in Q4, the result was heavily influenced by a $15.0 million write-off linked to Spiritleaf’s intangible assets.

The Cannabis Operations segment saw a 42.4% year-over-year revenue increase in Q4, reaching $37.1 million. Full-year revenue surged by 25.7% to $109.5 million, driven by growth in provincial board sales.

Profitability in this segment improved markedly, with fourth-quarter gross margin at 27.2% compared to -4.2% a year earlier. Operating income also rose substantially, owing to economies of scale, productivity improvements, and the integration of newly acquired Indiva assets.

SNDL reported $218.4 million in unrestricted cash at the end of 2024, with no outstanding debt and net book value standing at $1.1 billion.

CEO Zach George said he expects the company to generate $100 million in annual free cash flow within three years. SNDL has also applied to list on the Canadian Securities Exchange, aiming for an April 2025 go-live date to broaden investor access.

SNDL last traded at $1.55 on the NASDAQ.


Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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