On April 9, 2024, Tilray Brands, Inc., a global cannabis-lifestyle and consumer packaged goods company, reported its financial results for the third quarter ending February 29, 2024. The company announced a net revenue increase of approximately 30% to $188.3 million compared to the same period in the previous year. The growth was driven by a 165% increase in beverage-alcohol net revenue and a 33% increase in global cannabis net revenue. Tilray also reported a significant reduction in net loss to $105 million from $1.2 billion in the prior year quarter, and a narrowed net loss per share from ($1.90) to ($0.12). Adjusted EBITDA was reported at $10.2 million, a decrease from $13.3 million in the prior year quarter. The company highlighted its strong financial liquidity position with approximately $226 million in cash and...Show More

On April 9, 2024, Tilray Brands, Inc., a global cannabis-lifestyle and consumer packaged goods company, reported its financial results for the third quarter ending February 29, 2024. The company announced a net revenue increase of approximately 30% to $188.3 million compared to the same period in the previous year. The growth was driven by a 165% increase in beverage-alcohol net revenue and a 33% increase in global cannabis net revenue. Tilray also reported a significant reduction in net loss to $105 million from $1.2 billion in the prior year quarter, and a narrowed net loss per share from ($1.90) to ($0.12). Adjusted EBITDA was reported at $10.2 million, a decrease from $13.3 million in the prior year quarter. The company highlighted its strong financial liquidity position with approximately $226 million in cash and marketable securities and a reduction in outstanding convertible debt. The report also detailed strategic achievements, including the integration of acquired craft beverage brands and the realization of operating synergies from the HEXO acquisition. Tilray's CEO, Irwin D. Simon, emphasized the company's diversified portfolio and leadership positions in various segments, including Canadian cannabis, European medical cannabis, U.S. craft beer, and wellness foods and snacks. The company provided updated guidance for fiscal year 2024, targeting an Adjusted EBITDA of $60 million to $63 million, and noted that it no longer expects to generate positive adjusted free cash flow for the full fiscal year due to delayed timing for collecting cash on various asset sales.