Canadian cannabis company Sundial Growers reported fourth-quarter sales that beat analyst estimates.
For the fourth quarter, Sundial’s revenues increased +4% year-over-year to C$16.9 million ($13.6 million). The figure surpassed analysts’ expectations of $11.1 million, according to FactSet.
The company ‘s a net loss from continuing operations of -C$64.1 million (-$51.7 million) was narrower compared to a net loss of -C$71.4 million (-$57.6 million) in the third quarter.
For the full- year 2020, gross revenue climbed +10% to C$73.3 million ($59.1 million) . Annual net loss from continuing operations was -C$206.3 million (-$166.3 million) in 2020 compared to -C$142.7 million(-$115.1 million) in 2019. According to Sundial, it eliminated $227 million in debt during 2020.