What is the revenue and EPS growth rate for SNDL year over year?

What does SNDL do and what are its main business segments?

What is the market's earnings forecast for SNDL next quarter?

What is SNDL's gross profit margin?

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

Did SNDL beat or miss consensus estimates last quarter?

What factors drove the changes in SNDL's revenue and profit?

What guidance did SNDL's management provide for the next earnings period?

- **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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