SNDL Inc ( SNDL ) reported first-quarter financial results before the market open on Thursday. Here’s a rundown of the report.

What Happened: SNDL ( SNDL ) reported first-quarter revenue of 204.91 million Canadian dollars ($148.47 million), missing analyst estimates of CA$243.3 million, according to Benzinga Pro. The company reported a loss of CA$0.06 per share, in line with analyst estimates.

Total revenue was up 3.6% on a year-over-year basis, primarily driven by 16.8% growth in the company’s combined cannabis business.

“In the first quarter of 2025, we saw robust growth in our Cannabis segments and record aggregate Gross Margin. Our improvements in Free Cash Flow generation helped us nearly break even despite seasonal impacts and our unrestricted cash balances increased versus year end.” said Zach George, CEO of SNDL ( SNDL ).

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SNDL ( SNDL ) said it repurchased approximately 5.76 million shares of its common stock during the quarter at an average price of $1.79 per share. SNDL ( SNDL ) ended the quarter with CA$220.87 million in cash and cash equivalents.

SNDL ( SNDL ) said its board initiated a formal strategic review to evaluate the company’s exposure to U.S. multi-state licensed cannabis enterprises and its current exchange listing status. The company noted that it has received inbound interest from multiple cannabis operators in both Canada and the U.S. in recent months, expressing interest in being acquired or pursuing asset-level or corporate transactions.

“To fully evaluate these opportunities and preserve strategic flexibility, the Board is assessing whether to maintain the Company’s current equity market listings, or transition to an alternative structure – similar to leading U.S multi-state operators who operate outside of NYSE and Nasdaq exchange frameworks,” the company said.

“Such a move would provide SNDL ( SNDL ) with the regulatory latitude to actively manage a broader North American cannabis platform, potentially consolidating licensed cannabis businesses across multiple U.S. states.”

SNDL Price Action: SNDL ( SNDL ) shares were down 6.71% at $1.39 at the time of publication Thursday, according to Benzinga Pro.