SNDL Inc · Q4 2026 earnings

Briefing

SNDL Q1 revenue falls 4.4% to $195.9M as soft markets weigh on liquor and cannabis segments

SNDL Inc. reported first-quarter 2026 results for the period ended March 31, 2026, with all figures in Canadian dollars. Net revenue declined 4.4% year over year to $195.9 million amid market softness across liquor and cannabis segments. Gross profit fell 6.8% to $52.8 million and gross margin compressed 70 basis points to 27.0%. The company posted an operating loss of $9.1 million, an improvement from a $12.1 million loss a year ago, and a net loss of $9.9 million. Liquor retail revenue declined 4.9% to $104.1 million with same-store sales down 6.1%, while cannabis retail revenue was roughly flat at $77.3 million. Cannabis operations revenue fell 14.2% to $29.4 million on destocking and softer B2B demand. SNDL ended the quarter with $213.4 million of unrestricted cash and no debt, and repurchased 4.5 million shares during the period.

• Net revenue of $195.9 million declined 4.4% YoY on softness in both liquor and cannabis markets.
• Operating loss improved to $9.1 million from $12.1 million, while adjusted operating loss was $8.9 million.
• Liquor retail same-store sales fell 6.1% and cannabis retail same-store sales declined 2.5%.
• Cannabis operations revenue dropped 14.2% to $29.4 million on destocking and inventory adjustments.
• SNDL held $213.4 million of unrestricted cash with no debt and repurchased 4.5 million shares in Q1.

Headline financials

Revenue & EPS history

Management expects cannabis market improvement in the second half of 2026 and is targeting approximately $20 million of incremental operating income from profit-enhancement initiatives over the remainder of the year.