Benzinga | May 11, 2021 06:01PM EDT

Sundial Q1 2021 Adj EBITDA $3.3M

* Earnings from operations of $1.7 million compared to a loss from operations of $32.7 million in the prior quarter.

* Net loss of $134.4 million as a result of $130.0 million of non-cash amounts reflecting the impact of share price volatility on accounting valuation of derivative warrants.

* Achieved first quarter of positive adjusted EBIDTA in Sundial's history, at $3.3 million compared to an adjusted EBIDTA loss of $5.6 million in the prior quarter.

* $969.5 million unrestricted cash, marketable securities and long-term investments on hand at March 31, 2021 and $1.08 billion at May 7, 2021 with no outstanding debt.

* Investment balance of $96.0 million at March 31, 2021 in cannabis-related loans and marketable securities generated income of $15.7 million for the quarter.

* Gross cannabis revenue was $11.7 million, a decrease of 30% from the prior quarter. Subsequent to the quarter end, announced an agreement to acquire Inner Spirit Holdings and Spiritleaf retail cannabis network.