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What were the key takeaways from SNDL's earnings call?

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- **Record Free Cash Flow**: $16.7M Q3, first positive YTD ($7.7M) in company history.
- **Cannabis Growth**: 50% revenue jump in Operations, edibles market leadership, $4.2M intl sales.
- **Margin Expansion**: Liquor Retail gross margin 26.3% (new high), Cannabis Retail +90 bps to 24.1%.
- **Non-Cash Impact**: $11.9M charges (share comp, inventory/write-offs) vs. +43% adjusted operating income.
- **Intl Expansion**: Atholville facility to supply >$15M/month in 2026, targeting Florida/Texas medical markets.

**【CEO Summary Section】**
- Reported record quarterly free cash flow of $16.7 million, achieving positive cumulative free cash flow of $7.7 million year-to-date for the first time in company history.
- Combined Cannabis segment revenue grew 15% year-over-year, driven by double-digit growth in edibles and international sales reaching $4.2 million.
- Operational improvements include 80 basis point gross margin expansion in Liquor Retail (26.3% new record) and $4 million reduction in G&A expenses.
- Non-cash charges of $11.9 million (share-based comp, inventory/write-offs) impacted reported operating loss, but adjusted operating income improved 43% YoY.
- Accelerated store expansion with 5 new Cannabis stores and 2 Wine & Beyond stores scheduled for Q4 opening.

**【CFO Financial Commentary】**
- Net revenue $244 million (+3.1% YoY), driven by Cannabis segments offsetting Liquor Retail headwinds.
- Gross profit $64.2 million (+1.9% YoY), impacted by $3.9 million Cannabis inventory adjustments (160 bps margin drag).
- Free cash flow highlights: Q3 $16.7 million vs. $9.2 million prior year; YTD $7.7 million vs. -$10.3 million.
- Cannabis Operations revenue up 50% YoY ($37.4 million), but adjusted operating loss $4.8 million due to $6.6 million non-cash adjustments.
- Liquor Retail operating income $11.2 million (-$0.6 million YoY) due to lapping $1.2 million asset reversal.
- Cannabis Retail operating income $9.1 million (+100% YoY), supported by 4.8% same-store sales growth.

**【Q&A Key Highlights】**
- **Cannabis Operations Gross Margin**: CFO expects 25%+ going forward (excluding one-time $3.9M inventory write-off in Q3).
- **International Sales Growth**: Q3 $4.2 million, with 2026 targets of >$15M/month from Atholville facility (15,000kg/month capacity).
- **1CM Transaction Update**: Regulatory review in Ontario delayed beyond prior expectations; no new info to share.
- **Cannabis Retail Strategy**: Shifting focus from top-line growth to margin optimization (90 bps gross margin expansion YoY).
- **Share-Based Compensation**: 121% share price increase triggered $6.8M non-cash charge, impacting Corporate segment costs.


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