Frederico Yokota Gomes

Yewon Kang

Aaron Grey

Frederico Gomes

Pablo Zuanic

- SNDL reported **record quarterly free cash flow of CAD 16.7 million** and achieved **positive cumulative free cash flow of CAD 7.7 million** for the first nine months of 2025, marking a first in the company's history.  **[0001766600_2232289_1]** **[0001766600_2232289_3]** **[0001766600_2232289_5]** 
- Net revenue for Q3 2025 reached **CAD 244 million**, a **3.1% increase** compared to the prior year, primarily driven by **double-digit growth in the combined cannabis segment**.  **[0001766600_2232289_1]** **[0001766600_2232289_3]** 
- The company recorded an operating loss of **CAD 11 million**, mainly due to **CAD 11.9 million in non-cash items**, including a **CAD 6.8 million increase in share-based compensation liability** triggered by a **121% share price increase** during the quarter.  **[0001766600_2232289_1]** **[0001766600_2232289_2]** **[0001766600_2232289_3]** 
- Cannabis operations saw **50% revenue growth** to **CAD 37.4 million**, boosted by edibles and **CAD 4.2 million in international sales**, while cannabis retail achieved **3.6% same-store sales growth**.  **[0001766600_2232289_4]** **[0001766600_2232289_5]**

SNDL Reports Q3 2025 Financial Results

- **SNDL's Cannabis Operations net revenue increased by 50% year-over-year to $37.4 million** in Q3 2025, primarily driven by the Indiva acquisition and increased international sales.  **[0001766600_2230619:5]** 
- The company achieved a **record quarterly Free Cash Flow of +$17 million** in Q3 2025, attributed to better working capital management and operational improvements.  **[0001766600_2230619:6]** 
- Cannabis Operations' **Adjusted Operating Income for Q3 2025 was $(4.8) million**, representing a **726% decrease year-over-year**, largely impacted by inventory write-offs, valuation adjustments, and fixed asset impairments.  **[0001766600_2230619:5]** 
- SNDL also reported **3.6% Cannabis Retail Same Store Sales Growth** and **+2.9% Wine & Beyond Same Store Sales Growth** in Q3 2025.  **[0001766600_2230619:6]**

- SNDL reported **net revenue of $244.2 million** in the third quarter of 2025, representing a **3.1% growth** year-over-year, primarily driven by a **13.5% increase in its combined Cannabis business**.  **[1766600_b90a768c67c64deab667f9a495883d2d_1]** **[1766600_b90a768c67c64deab667f9a495883d2d_3]** 
- The company achieved a **record free cash flow of $16.7 million** in Q3 2025, marking the first time it has reached positive cumulative free cash flow for the first nine months of the year.  **[1766600_b90a768c67c64deab667f9a495883d2d_1]** **[1766600_b90a768c67c64deab667f9a495883d2d_2]** **[1766600_b90a768c67c64deab667f9a495883d2d_3]** 
- SNDL reported an **operating loss of $(11.1) million** for Q3 2025, which was impacted by non-cash items including a $(6.8) million increase in share-based compensation liability and $(3.9) million in inventory-related adjustments.  **[1766600_b90a768c67c64deab667f9a495883d2d_1]** **[1766600_b90a768c67c64deab667f9a495883d2d_3]** 
- As of September 30, 2025, SNDL maintains a strong balance sheet with **no debt and $240.6 million in unrestricted cash**.  **[1766600_b90a768c67c64deab667f9a495883d2d_2]** 
- Strategic activities during the quarter included the **partial sale of its equity position in High Tide Inc., realizing a gain of $5.3 million**, and continued progress on the acquisition of 32 cannabis retail stores from 1CM Inc. for **$32.2 million**.  **[1766600_b90a768c67c64deab667f9a495883d2d_2]** **[1766600_b90a768c67c64deab667f9a495883d2d_7]**

SNDL Reports Third Quarter 2025 Financial Results

- SNDL reported **net revenue of $244.2 million** in the third quarter of 2025, reflecting a **3.1% growth** compared to the same period in the previous year, primarily driven by **13.5% growth in its combined Cannabis business**.  **[1766600_0001171843-25-006938_exh_991.htm:0]** 
- The company achieved a **record free cash flow of $16.7 million** in Q3 2025, an **80.7% increase** year-over-year, and for the first time, positive cumulative free cash flow for the first nine months of the year.  **[1766600_0001171843-25-006938_exh_991.htm:0]** **[1766600_0001171843-25-006938_exh_991.htm:1]** 
- As of September 30, 2025, SNDL maintained a strong balance sheet with **$240.6 million in unrestricted cash** and **no debt**.  **[1766600_0001171843-25-006938_exh_991.htm:1]** 
- The operating loss for Q3 2025 was **$(11.1) million**, which was impacted by non-cash items including a $(6.8) million increase in share-based compensation liability and $(3.9) million in inventory-related adjustments.  **[1766600_0001171843-25-006938_exh_991.htm:0]** 
- Strategic activities included an arrangement to acquire **32 cannabis retail stores from 1CM Inc. for $32.2 million** and realizing a **$5.3 million gain** from the partial sale of its equity position in High Tide Inc. during the quarter.  **[1766600_0001171843-25-006938_exh_991.htm:1]** **[1766600_0001171843-25-006938_exh_991.htm:4]**

SNDL Reports Third Quarter 2025 Financial and Operational Results

- SNDL Inc. reported a **net loss of $(13.3) million** for Q3 2025, an improvement from $(19.3) million in Q3 2024, with **net revenue increasing 3% to $244.2 million**.  **[1766600_0001193125-25-262922_sndl-ex99_1.htm:1]** **[1766600_0001193125-25-262922_sndl-ex99_1.htm:4]** 
- The company's **free cash flow significantly increased by 81% to $16.7 million** for Q3 2025, and it held **$240.6 million in cash and cash equivalents** as of September 30, 2025.  **[1766600_0001193125-25-262922_sndl-ex99_1.htm:4]** **[1766600_0001193125-25-262922_sndl-ex99_2.htm:17]** 
- SNDL is expanding its retail footprint through the acquisition of **32 cannabis retail stores** from 1CM Inc. for **$32.2 million cash**, with closing expected in Q4 2025.  **[1766600_0001193125-25-262922_sndl-ex99_2.htm:2]** 
- The board approved the renewal of its **share repurchase program**, having already purchased and cancelled **5.8 million common shares** for **$15.0 million** during the nine months ended September 30, 2025.  **[1766600_0001193125-25-262922_sndl-ex99_2.htm:4]** **[1766600_0001193125-25-262922_sndl-ex99_2.htm:17]** 
- SNDL's common shares commenced trading on the **Canadian Securities Exchange (CSE)** on April 11, 2025, offering additional flexibility and a Canadian market for transactions.  **[1766600_0001193125-25-262922_sndl-ex99_2.htm:4]**

SNDL (SNDL)