Revenue miss and downbeat segment trends suggest near-term pressure. Watch for cannabis rescheduling progress (DOJ/DEA Schedule III proposal) and Q2 Jeeter ramp as potential catalysts. Continued cash burn and lack of GAAP profitability keep risk elevated.
Price Chart
Executive Summary
SNDL reported Q1 2026 revenue of $195.9M CAD, down 4.4% YoY, missing consensus estimates. Gross profit fell 6.8% and operating loss improved to $9.1M from $12.1M a year ago. Net loss narrowed to $9.9M. Despite cost improvements and a new Jeeter contract, revenue declines across liquor and cannabis segments signal continued headwinds.
Key Financial Metrics
Key Facts
- Net revenue $195.9M CAD, -4.4% YoY
- Gross margin 27.0%, down 0.7pp YoY
- Operating loss $(9.1)M, improved from $(12.1)M
- Net loss $(9.9)M vs $(14.7)M a year ago
- Adjusted EBITDA $5.8M, down from $9.0M YoY
- Free cash flow negative $(7.6)M
- Share repurchases of 4.5M shares during Q1
- Jeeter brand exclusive Canadian production and commercialization launched in April 2026
Financial Impact
Revenue decline of $9M CAD YoY; operating loss improved by $2.9M; cash burn continues
Risk Factors
- Prolonged market softness in liquor and cannabis retail
- Uncertain outcome of SunStream (Skymint/Parallel) restructurings
- Cash burn from operations and share repurchases
- Cannabis Operations gross margin compression and inventory adjustments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3283596 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | SC TO-C | $1.25 $1.26 | ▲ +0.40% | ▼ −0.02% | $1.27 (+1.60%) |
Oct 15, 2026 11d ago | 6-K | $1.25 $1.26 | ▲ +0.40% | ▼ −0.02% | $1.27 (+1.60%) |
Oct 15, 2026 11d ago | Press Release | $1.25 $1.26 | ▲ +0.40% | ▼ −0.02% | $1.27 (+1.60%) |
Oct 14, 2026 12d ago | 6-K | $1.21 $1.25 | ▲ +3.31% | ▲ +4.41% | $1.27 (+4.96%) |
Oct 14, 2026 12d ago | Press Release | $1.21 | awaiting T+1 | — | $1.27 (+4.96%) |
Oct 6, 2026 20d ago | 6-K | $1.23 $1.25 | ▲ +1.63% | ▲ +1.87% | $1.27 (+3.25%) |
Jul 28, 2026 12w ago | 6-K | $1.22 $1.20 | ▲ +1.64% | ▲ +0.10% | $1.27 (−4.10%) |
Jul 27, 2026 13w ago | 6-K | $1.35 $1.22 | ▼ −9.63% | ▼ −9.87% | $1.27 (−5.93%) |
Jul 27, 2026 13w ago | Press Release | $1.35 $1.22 | ▼ −9.63% | ▼ −9.87% | $1.27 (−5.93%) |
Jul 15, 2026 14w ago | Press Release | $1.29 $1.28 | ▼ −0.78% | ▲ +0.21% | $1.27 (−1.55%) |
US Market Status
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