SNDL Inc. Announces 2024 AGM Results and Financial Performance

Annual General Meeting and Shareholder Resolutions

During SNDL Inc.’s 2024 Annual General Meeting, several significant resolutions were put forth and approved by the shareholders. One of the key resolutions was the election of new directors to the company’s board, ensuring effective governance and a strategic approach to future growth. Another major resolution that received approval was the re-appointment of the company’s auditors, which plays a vital role in maintaining financial transparency and integrity.

The AGM is a crucial event for SNDL as it sets the stage for the year ahead, allowing shareholders to have a direct impact on the company’s direction through their votes. These approved resolutions reflect the confidence shareholders have in the company’s current leadership and their strategic decision-making capabilities.

Strong Financial Performance in Q1 2024

In a display of strong financial performance, SNDL reported a record gross margin of 25% in the first quarter of 2024. This significant achievement highlights the company’s ability to effectively manage costs and optimize operational efficiencies. The gross profit for Q1 2024 was $50.4 million, marking a substantial 55% improvement compared to the same period last year. This impressive growth in gross profit underscores SNDL’s successful implementation of its business strategies.

Net revenue for the first quarter of 2024 stood at $197.8 million, representing a 4% increase year-over-year. Despite the positive revenue and profit figures, SNDL reported a negative cash flow of $6.1 million, a significant improvement from the negative $66.3 million recorded in Q1 2023. Furthermore, the company’s free cash flow for Q1 2024 was negative $6.4 million, showing a remarkable 89% improvement year-over-year. As of May 9, 2024, SNDL maintained a robust financial position with $783.2 million in unrestricted cash, marketable securities, and investments with no outstanding debt.

The financial results for Q1 2024 reflect SNDL’s commitment to creating value for its shareholders while maintaining financial discipline. The significant improvements in gross profit and cash flow demonstrate the company’s effective cost management and operational strategies. Moving forward, SNDL is well-positioned to continue its growth trajectory and deliver substantial returns to its shareholders.