SNDL Inc. Posts C$50.8 Million Q3 Loss as Revenue Falls 2.5%

SNDL Inc. posted a C$50.789 million net loss for the third quarter ended Sept. 30, 2026, as revenue declined 2.5% and asset impairment charges reached C$52.331 million.

Revenue totaled C$237.994 million, down from C$244.219 million in the same quarter last year. Basic and diluted loss per share was C$0.21, compared with C$0.05 in the year-earlier quarter. Net loss in the 2025 quarter was C$13.319 million.

SNDL recorded an operating loss of C$48.317 million. Goodwill and intangible-asset impairments in Cannabis Operations totaled C$52.022 million.

Adjusted operating income, a non-IFRS measure, was C$5.249 million, compared with an adjusted operating loss of C$9.512 million a year earlier. Free cash flow, also a non-IFRS measure, increased 19.5% to C$19.954 million. That figure included a C$10.6 million benefit from the initial unwinding of SNDL’s captive insurance arrangement.

Revenue trends varied across the company’s business lines. Cannabis Retail revenue rose 0.7% to C$85.605 million, while Liquor Retail revenue fell 3.3% to C$134.774 million. Cannabis Operations revenue dropped 27.7% to C$27.040 million.

SNDL CEO Zach George said Cannabis Operations “remained below expectations and recorded a non-cash impairment.” The company is beginning a strategic review of Cannabis Operations.

All figures are in Canadian dollars. SNDL prepares its financial statements under International Financial Reporting Standards; adjusted operating income and free cash flow are non-IFRS measures.