Shares ofTilray Brands, Inc.(NASDAQ:TLRY) fell sharply during Tuesday's session after the company missed third-quarter estimates and said it no longer expects to generate positive adjusted free cash flow for the full fiscal year 2024.

Tilray Brands reported financial results on Tuesday for its third quarter ended Feb. 29, 2024, revealing $188.3 million in net revenue, representing a 30% year-over-year increase. Net loss decreased to $105 million in the third quarter compared to a net loss of $1.2 billion in the prior year quarter.

Tilray Brands shares dipped 22.2% to $2.0152 on Tuesday.

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