On March 18, 2025, SNDL Inc. reported its financial and operational results for the fourth quarter and full year ended December 31, 2024. The company achieved record full-year net revenue of $920.4 million, a 1.3% increase from 2023, and a record gross profit of $240.3 million, up 26.2% year-over-year.
SNDL also reported positive free cash flow of $8.9 million for the full year 2024, marking a 115% improvement compared to 2023. For Q4 2024, net revenue was $257.7 million, a 3.7% increase year-over-year, with gross profit rising 20% to $68.8 million and free cash flow reaching $11.6 million.
The company's gross margin for the full year improved by 5.2 percentage points to 26.1%, driven by productivity initiatives in the Cannabis Operations segment. SNDL ended the year with a strong balance sheet, including $218.4 million in unrestricted cash and no debt.
Cannabis Retail net revenue grew 7.5% to $311.7 million for the full year, with adjusted operating income increasing 173.9% to $13.3 million. Cannabis Operations net revenue increased 25.7% to $109.5 million, achieving positive gross profit for the fourth consecutive quarter.
SNDL reiterated its goal of generating $100 million in positive annual free cash flow within the next three years. The company also highlighted strategic steps taken, including the privatization of Nova Cannabis Inc. and the acquisition of Indiva's business and assets, which solidified its position as Canada's largest manufacturer of infused edibles.
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