SNDL

MKT CAP:$400M

SNDL Inc.

Market Cap

$400M

Healthcare·Drug Manufacturers - Specialty & Generic·🇨🇦 Canada·NASDAQ

Healthcare·Drug·🇨🇦·NASDAQ

Stock Price

$1.53-$0.21 (-12.07%)

Apr 23, 2026

Company Details

SNDL Inc. engages in the production, distribution, and sale of cannabis products in Canada. The company operates through Cannabis Operations and Retail Operations segments. It engages in the cultivation, distribution, and sale of cannabis f...

CEO

Zachary Ryan George

IPO Date

Aug 1, 2019

Website

www.sndlgroup.com

Key Metrics TTM

Revenue

$695M

+84.8% YoY

Net Income

-$67M

EPS (Diluted)

-$0.26

Free Cash Flow

$42M

Revenue / Share

$2.70

Gross Margin

27.0%

Operating Margin

-9.9%

Net Margin

-9.7%

FCF Margin

6.1%

P/S

0.6x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 3, 2025

$178M+3.1%EPS -$0.04

Q2 2025

Jul 30, 2025

$179MEPS $0.01

Q1 2025

May 1, 2025

$150MEPS -$0.04

Q4 2024

Mar 17, 2025

$188MEPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$1M	$1M	-$13M
Q2 19	$14M	$14M	-$3M
Q4 19	$16M	$3M	-$91M
Q3 20	$9M	-$14M	-$65M
Q4 20	$10M	-$3M	-$25M
Q1 21	$7M	-$3M	$1M
Q2 21	$7M	-$2M	-$52M
Q3 21	$10M	$1M	-$14M
Q4 21	$17M	-$2M	-$32M
Q1 22	$13M	$2M	-$17M
Q3 23	$174M	$36M	-$12M
Q3 24	$173M	$46M	-$14M
Q4 24	$188M	$50M	-$56M
Q1 25	$150M	$41M	-$9M
Q2 25	$179M	$49M	$4M
Q3 25	$178M	$47M	-$8M

Valuation

Quarter	P/S	P/E
Q1 19	457.0x	—
Q2 19	65.3x	—
Q4 19	7.4x	—
Q3 20	0.6x	—
Q4 20	1.3x	—
Q1 21	37.9x	—
Q2 21	55.2x	—
Q3 21	43.2x	—
Q4 21	28.6x	—
Q1 22	31.6x	—
Q3 23	2.1x	—
Q3 24	1.4x	—
Q4 24	0.8x	—
Q1 25	0.5x	—
Q2 25	0.5x	—
Q3 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	-$14M	-$36M
Q2 19	-$7M	-$31M
Q4 19	-$41M	-$60M
Q3 20	-$15M	-$16M
Q4 20	-$9M	-$9M
Q1 21	-$25M	-$25M
Q2 21	-$51M	-$53M
Q3 21	-$41M	-$42M
Q4 21	$4M	$3M
Q1 22	-$19M	-$20M
Q3 23	$20M	$18M
Q3 24	$17M	$14M
Q4 24	$18M	$15M
Q1 25	$6M	$5M
Q2 25	$4M	$3M
Q3 25	$23M	$19M

Capital Expenditures

Quarter	CapEx
Q1 19	$22M
Q2 19	$24M
Q4 19	$19M
Q3 20	$887.2K
Q4 20	$122.0K
Q1 21	$87.0K
Q2 21	$1M
Q3 21	$823.6K
Q4 21	$586.1K
Q1 22	$757.8K
Q3 23	$2M
Q3 24	$3M
Q4 24	$2M
Q1 25	$1M
Q2 25	$2M
Q3 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	—	+287.4%
Q2 19	—	+306.4%
Q4 19	+1152.2%	+1716.4%
Q3 20	—	+564.8%
Q4 20	+824.1%	+150.9%
Q1 21	-48.7%	-65.2%
Q2 21	-57.5%	-45.3%
Q3 21	+11.7%	-67.4%
Q4 21	+64.0%	+39.8%
Q1 22	+77.9%	+396.8%
Q3 23	+2496.4%	+216.8%
Q3 24	+1548.9%	+664.5%
Q4 24	+1034.2%	+400.3%
Q1 25	+1064.5%	+432.2%
Q2 25	+3.0%	-5.6%
Q3 25	+3.1%	-0.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$9M	842.2%
Q2 19	$10M	69.7%
Q4 19	$4M	23.1%
Q3 20	$2M	24.2%
Q4 20	$1M	10.8%
Q1 21	$3M	34.9%
Q2 21	$3M	49.6%
Q3 21	$1M	13.0%
Q4 21	$2M	10.8%
Q1 22	$3M	23.9%
Q3 23	$4M	2.3%
Q3 24	$4M	2.4%
Q4 24	$3M	1.8%
Q1 25	$1M	0.7%
Q2 25	$2M	1.2%
Q3 25	$8M	4.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 19	$69.4K	$13M	$885.7K
Q2 19	$1M	$15M	$1M
Q4 19	$265.3K	$17M	$3M
Q3 20	$25.6K	$8M	$816.3K
Q4 20	$80.4K	$6M	$2M
Q1 21	$171.7K	$8M	$694.2K
Q2 21	$553.9K	$11M	$961.0K
Q3 21	$521.8K	$8M	$933.2K
Q4 21	$540.0K	$10M	$1M
Q1 22	$69.4K	$11M	$811.9K
Q3 23	$41.7K	$39M	$2M
Q3 24	$55.5K	$41M	$2M
Q4 24	$90.6K	$36M	$2M
Q1 25	$73.1K	$35M	$3M
Q2 25	$71.6K	$35M	$2M
Q3 25	$114.0K	$34M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$309M	$54M	$363M
Q2 22	$265M	$30M	$295M
Q3 22	$213M	$28M	$241M
Q4 22	$204M	$24M	$228M
Q1 23	$156M	$28M	$183M
Q2 23	$136M	$22M	$158M
Q3 23	$148M	$5M	$153M
Q4 23	$143M	$5M	$147M
Q1 24	$138M	$12M	$150M
Q2 24	$134M	$23M	$157M
Q3 24	$192M	$19M	$211M
Q4 24	$160M	$22M	$182M
Q1 25	$161M	$3M	$164M
Q2 25	$152M	$3M	$155M
Q3 25	$176M	$536.4K	$176M
Q4 25	$199M	$415.5K	$200M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	8M	+6.7%	+35.7%
Q2 19	7M	-10.8%	-10.8%
Q4 19	11M	+42.7%	+27.2%
Q3 20	13M	+25.9%	+71.0%
Q4 20	53M	+297.6%	+537.0%
Q1 21	144M	+169.7%	+1826.4%
Q2 21	189M	+31.1%	+1670.0%
Q3 21	206M	+9.0%	+1431.9%
Q4 21	206M	+0.2%	+286.0%
Q1 22	206M	+0.1%	+43.2%
Q3 23	260M	+26.3%	+38.0%
Q3 24	265M	+1.8%	+28.9%
Q4 24	263M	-0.8%	+27.7%
Q1 25	259M	-1.5%	+25.7%
Q2 25	263M	+1.6%	+1.1%
Q3 25	257M	-2.3%	-2.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	—	—
Q2 19	—	—
Q4 19	$14.8K	1K
Q3 20	$8.8K	1K
Q4 20	$25.7K	394
Q1 21	$18.3K	394
Q2 21	$17.0K	394
Q3 21	$26.6K	394
Q4 21	$28.6K	580
Q1 22	$22.2K	580
Q3 23	$66.6K	3K
Q3 24	$87M	2
Q4 24	$94M	2
Q1 25	$75M	2
Q2 25	$89M	2
Q3 25	$89M	2

Revenue / Employee