FULL YEAR AND FORTH QUARTER 2021 OPERATIONS AND INVESTMENT HIGHLIGHTS
Net revenue for 2021 of CA$56.1 million ($43.57 million), a decrease of 8% over the previous year. Net revenue for the fourth quarter of 2021 was CA$22.7 million, an increase of 63% over the fourth quarter of 2020.
Gross margin improvement to a loss of CA$7.0 million for 2021, compared to a loss of CA$49.9 million in the previous year. Gross margin loss of CA$2.5 million for the fourth quarter of 2021, compared to a loss of CA$4.7 million in the fourth quarter of 2020.
Net loss from continuing operations of CA$230.2 million for the full year 2021 compared to CA$206.3 million loss in the previous year. Net loss from continuing operations of CA$54.8 million for the fourth quarter of 2021, compared to a loss of CA$64.1 million in the fourth quarter of 2020.
Record Adjusted EBITDA from continuing operations of CA$32.1 million for the full year 2021, compared to an Adjusted EBITDA loss of CA$25.6 million in the previous year. Adjusted EBITDA of CA$18.4 million for the fourth quarter of 2021, compared to an Adjusted EBITDA loss of CA$5.6 million in the fourth quarter of 2020.
CA$1.1 billion of cash, marketable securities, and long-term investments, CA$558.3 million of unrestricted cash and no outstanding debt at December 31, 2021. CA$377.7 million of unrestricted cash and no outstanding debt at April 25, 2022.
2021 investment and fee revenue of CA$13.1 million, CA$32.9 million in share of profit from equity accounted investees and net unrealized losses on marketable securities of CA$44.5 million, driven primarily by declines in the share prices of Sundial’s investments in Village Farms International, Inc. (NASDAQ:VFF) and The Valens Company Inc. (NASDAQ:VLNS)
Acquired Inner Spirit Holdings Ltd. on July 20, 2021, and Alcanna Inc. on March 31, 2022, creating the largest private sector cannabis and liquor retail network in Canada.
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