SNDL Inc. (NASDAQ:SNDL) Q4 2023 Earnings Conference Call March 21, 2024 10:00 AM ET
Company Participants
Zachary George - Chief Executive Officer
Alberto Paredero-Quiros - Chief Financial Officer
Tank Vander - President of Liquor Retail
Tyler Robson - President of Cannabis
Conference Call Participants
Frederico Gomes - ATB Capital Markets
Pablo Zuanic - Zuanic & Associates
Operator
Good morning, and welcome to SNDL's Year-End and Fourth Quarter 2023 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the year-end and fourth quarter ended on December 31, 2023. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplementary investor presentation along with the shareholder letter from Chief Executive Officer, Zach George on its sndl.com website.
Presenting on this morning's call, we have Zach George, Chief Executive Officer; Alberto Paredero, Chief Financial Officer; Tank Vander, President, Liquor Retail; and Tyler Robson, President Cannabis.
Before we start, I would like to remind investors that certain matters discussed in today's conference call or answers that may be given to questions could constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other public filings that are made available on SEDAR and EDGAR.
Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks, and then we'll move on to analyst questions.
I would now like to turn the call over to Zach George. Please go ahead.
Zachary George
Good morning, everyone, and thank you for joining us on our full-year and fourth quarter 2023 earnings call. 2023 was a transformational year for SNDL marked by several financial milestones, including record revenue and gross profit. The year began with remarkable year-over-year revenue growth of almost 1,000% in Q1 of 2023, which was then followed by positive free cash flow generation of $18 million in the second half of the year.
2023 net revenue reached a record $909 million, a 28% increase from the previous year, while gross profit surged to a record $190 million, up 36% from the prior year. SNDL's team has worked to build a scaled and diversified platform that we believe will be the basis for the creation of sustainable shareholder value.