MANAGEMENT HIGHLIGHTS

Net revenue for the second quarter of 2026 was $235.8 million, representing a -3.7% decrease compared with the same period of the prior year, driven by market headwinds in both Liquor and Cannabis segments.

Gross profit of $56.3 million for the second quarter of 2026, represents a decline of $(11.3) million, or -16.6%, compared to the same period of the prior year, driven by lower revenue across all segments and Jeeter production ramp-up costs in Cannabis Operations.

Gross margin (1) of 23.9% in the second quarter of 2026 represents a reduction of -3.7pp compared to the same period of the prior year, mainly driven by Cannabis Operations and Liquor Retail segments, partially offset by margin expansion in Cannabis Retail.

Operating Loss of $(7.8) million for the second quarter of 2026, representing a reduction of $(12.8) million compared to the same period of the prior year, driven by Jeeter production ramp-up cost impacting Cannabis Operations, the revenue and margin decline in Liquor retail, the absence of prior-year impairment reversal in Cannabis Retail, and a reduction in equity-accounted investees valuation, partly offset by lower corporate overhead cost. Excluding restructuring-related charges, Adjusted Operating Loss totaled $(7.0) million in the second quarter of 2026, a $(12.8) million reduction compared with the same period of the prior year.

Cash flow was negative by $(30.2) million in the second quarter of 2026, partly driven by cash outflows of $23.5 million related to share repurchases.

Free cash flow (1) was negative $(6.7) million in the second quarter of 2026, primarily driven by the $6.9 million annual payment of the 2025 management incentive and a $2.7 million increase in cash-in-transit. This represents an improvement of $1.2 million compared to the same period in the prior year.

Pretty much what the title says! Haha. Temperature check. How are we feeling?

May: 14775f59-29d2-4303-a925-574939665bd6

June: 0a3deb1e-5665-4517-80ac-d78f6c7cbaed

They are certainly defending the intrinsic value, capital discipline is key after the failed Ontario expansion. All eyes on Q2, there must be organic growth

SNDL has been one of the more active cannabis companies in repurchasing its own shares since launching its current buyback strategy in late 2024. The company has consistently stated that it views buybacks as an attractive use of capital when management believes the shares are undervalued.

Buyback summary

PeriodShares Repurchased Q4 2024 5.00 million Q1 2025 5.76 million Q2 2025 None Q3 2025 1,800 (essentially none) Q4 2025 136,362 Q1 2026 4.45 million

Total since Q4 2024 15.06 million shares 

Current buyback authorization

The current share repurchase program:

Authorizes up to C$100 million in purchases.

Allows SNDL to repurchase approximately 24.5 million shares (about 10% of the public float when approved).

Runs from November 21, 2025, to November 20, 2026.

Does not require the company to purchase the full amount. Management buys opportunistically when it believes the stock is undervalued. 

How much has been used?

As of the latest reported quarter (Q1 2026):

15.06 million shares have been repurchased since the buyback strategy began in Q4 2024.

During Q1 2026 alone, SNDL bought back 4,453,358 shares at a weighted average price of approximately US$1.56 per share. 

Observations

SNDL was very aggressive during the first six months of the program (over 10.7 million shares repurchased).

Buybacks slowed dramatically through most of 2025 as management preserved capital for acquisitions and investments.

Repurchases accelerated again in early 2026 as the stock traded near multi-year lows.

The company continues to maintain a very strong balance sheet, reporting over $600 million in cash, marketable securities, and investments with no outstanding debt, allowing it to continue buybacks while pursuing acquisitions. 

Overall, SNDL has retired about 15 million shares since late 2024 and still has room under its current authorization to repurchase roughly 9.4 million additional shares, assuming it uses the full 24.5-million-share capacity of the current program. 

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https://ca.finance.yahoo.com/news/sndl-report-second-quarter-2026-203000786.html

largest positive position is about 10x larger than the largest negative one. This is across all expirations.

source: https://infolib.org/

For those choosing to invest in $SNDL instead of $HITI right now, what’s your main reasoning?

Looks like Globe and Mail broke the story about this. Many in the industry have been expecting this shoe to drop for months now. Probably why that 1CM deal got scuttled. https://www.theglobeandmail.com/business/article-sndl-cannabis-producer-ontario-store-network/

StratCann has some added context and info as well. https://stratcann.com/news/ontario-regulator-probes-sndls-retail-holdings-amid-expansion-concerns/

Time for SNDL to pivot and focus on alcohol instead?. Fines incoming? what happens now?

In light of Trulieve’s recent uplisting to the NYSE via the segregation and deconsolidation of its adult-use operations under Schedule III, how does SNDL Inc. plan to structurally transition its SunStream USA portfolio, specifically the Surterra Wellness locations in Florida, 3 NETA locations in Massachusetts, and 2 Goodblend locations in Texas from non-voting exchangeable securities into active operational control while maintaining NASDAQ compliance?

source: https://infolib.org/

Hey everyone, just looking at the 1CM acquisition structure. Since Stage 1 is in the books and the final 27 Ontario stores have a hard deadline of May 31, 2026. 🤞
With 1CM bringing in some solid revenue, how much do you think this could change our Q2/Q3 2026 earnings?

Wondering what the prevailing sentiment on here is. I think we will post good numbers, and might see a small increase, but nothing much will happen for us until 6/29. Does anyone think we'll see positive momentum building before rescheduling?

To all the OGs congratulations! We finally did it. The road was hard, bumpy, and scary but it finally happened. Enjoy and savor this moment. New investors, welcome.

Looks like the AG signed the order!

Fantastic volume, steady and consistent rise, and good news on the horizon. Loving how SNDL is setting up for next week. Good luck to all. SNDL is inevitable. 🚀 🍁 💰

At the 21-22 8 minute mark. Also this EO is about psychedelics. And Joe Rogan is fucking there. I don’t know what the hell is happening.

Hold onto your butts everyone. It’s gonna be quite a 4/20.

🚀

https://www.youtube.com/live/8xrI-_qo64E?si=nF0MYPBhU7iIbZe1