SNDL Inc.’s net revenue for the fourth quarter of 2024 was $257.7 million, while gross profits were $68.8 million, with an operating loss of $76.1 million.
The company’s Q4 2024 net revenue was up about 4% year-over-year, a new record for SNDL, driven by more than 16.5% growth in its various Canadian businesses. Growth profits were up 20% year-over-year, compared with Q4 2023, while the company’s losses declined by 11%.
For all of 2024, net revenue was $920.4 million, a little more than 1% higher than the previous year’s $909 million, a 26.2% increase from 2023. Gross profit for 2024 was $240.3 million, a 26.2% annual increase, with a net loss of $96.2 million, and a comprehensive loss of $62.9 million, a 45.5% and 66.7% decrease in losses, respectively.
The majority of SNDL’s annual net revenue came from its alcohol sales ($555.3 million), while retail cannabis accounted for another $311.7 million and its cannabis operations accounted for $109.5 million.
Gross profit from these three sectors was $139.7 million, $78.8 million, and $21.8 million, respectively. Earnings or loss before income tax for those three sectors was $30.7 million, a $5.3 million loss, and $2.1 million, respectively.
SNDL’s retail cannabis brands are the Value Buds, Superette, and Spiritleaf banners.
SNDL’s cannabis operations include a cultivation facility in Atholville, New Brunswick, and processing and manufacturing operations in British Columbia and Ontario. In 2022, in partnership with IM Cannabis Corp., SNDL began exporting dried cannabis flower to Israel.
The company’s owned and licensed cannabis brand portfolio includes Top Leaf, Contraband, Palmetto, Bon Jak, La Logue, Versus, Grasslands, Pearls by Grön, No Future and Bhang Chocolate.
“We are pleased with the continued progress reflected in our fourth-quarter and full-year 2024 results, as we set new records and exceeded our commitment to achieving break-even free cash flow for the year,” said Zach George, CEO of SNDL. “We have accomplished this while continuing to transform our business by investing in growth opportunities and strengthening our organizational capabilities. The SNDL team remains dedicated to raising the bar in 2025 and beyond.”
In 2024, SNDL announced a restructuring project aimed at reducing corporate overheads and improving the efficiency of its organizational structure. The Restructuring Project is expected to deliver over $20 million in annualized cost savings, which is said to be driven mainly by the optimization of corporate overhead spending, including the reduction of 106 full-time employees. The project will require a one-time investment of $11 million over the next 18 months.
As part of these operational adjustments, SNDL consolidated its cannabis segments into a single unit under the leadership of Tyler Robson.
SNDL also became Delta 9’s senior secured creditor in 2024 after completing the acquisition of the principal indebtedness of Delta-9 Cannabis Inc. from Connect First and Servus CreditUnion Ltd. for a purchase price of $28.1 million pursuant to a purchase and sale of indebtedness agreement dated July 5, 2024.
SNDL also completed its acquisition of Nova Cannabis in 2024 and successfully closed the Indiva Transaction for consideration of approximately $21.1 million.
In March 2025, SNDL also acquired just over 5% of High Tide, which operates the large Canna Cabana cannabis retail chain.
As of March 17, 2025, SNDL operates 185 retail cannabis locations: Value Buds (117), Spiritleaf (67, of which 8 are corporate stores and 59 are franchise stores), and Superette (1). Several Suprette stores recently converted to Value Buds.
