Sundial Growers (NASDAQ:SNDL) reported its financial results for the second quarter ended June 30, 2019.
As quoted in the press release:
This is Sundial’s inaugural quarterly earnings release as a public company following its listing on Nasdaq on August 1, 2019.
“Sundial accomplished great things this past quarter and our team’s solid execution across key areas of our business resulted in significant revenue growth,” said Torsten Kuenzlen, Chief Executive Officer of Sundial. “We are very confident in our go-to-market strategy, our strengthened balance sheet and our ability to execute upon organic growth opportunities. With the completion of our initial public offering and Bridge Farm acquisition subsequent to the second quarter, we are well on our way to becoming a leading international cannabis company. We are working diligently to craft high-quality cannabis products that consumers can trust.”
Q2 2019 FINANCIAL HIGHLIGHTS
- Sundial reported gross revenues of $20.3 million in the second quarter of 2019, 12 times higher than the previous quarter. The Company’s production and sales ramped up exponentially with our added growing capacity and rapidly improving harvest yields.
- 9,551 kilograms of cannabis were harvested from 94 crops during the second quarter of 2019, compared to 1,896 kilograms from 30 crops during the first quarter.
- 4,741 kilograms of cannabis were sold during the second quarter, a 14-fold increase from the first quarter of 2019.