SNDL Inc. (SNDL) reported that its net loss for the third quarter of 2023 narrowed to C$21.8 million from C$98.8 million in the third quarter of 2022, an improvement of 77.9% mainly driven by asset impairments recorded in 2022.
Net revenue for the third quarter of 2023 of C$237.6 million, an increase of 3.1% from the prior year.
In addition, SNDL said its board has approved the renewal of its share repurchase program upon the expiry of its current share repurchase program on November 20, 2023.
The Share Repurchase Program authorizes the company to repurchase up to C$100 million of its outstanding common shares from time to time at prevailing market prices.
The Share Repurchase Program will commence on November 21, 2023, and expire on November 20, 2024.
The company noted that it will determine the actual number of shares that may be repurchased pursuant to the Share Repurchase Program and the timing of any repurchases.
Under the Company's current share repurchase program, which commenced on November 21, 2022, the Company previously sought to repurchase up to C$100 million or 13.1 million shares. As of November 10, 2023, the company had repurchased an aggregate of 2.9 million shares for cancellation under its current share repurchase program at a weighted average price of about C$2.78 per share.
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