Tilray Reports $200M Q1 Net Revenue, Up 13% YoY As Net Loss Improves

Tilray Brands, Inc. TLRY reported financial results Thursday for its first fiscal quarter ended August 31. The Canadian cannabis giant had a net revenue of $200 million, up by 13% from $177 million in the prior year quarter, but down from $229.882 million in the previous quarter.

"As the chairman and CEO of Tilray Brands, I am excited to lead a company that is disrupting the CPG industry through innovative products that are transforming the way consumers eat, drink and unwind with cannabis, hemp and beverage products," stated Irwin D. Simon, Tilray Brands' chairman and chief executive officer. "Our investments in the cannabis, wellness, beverage, and distribution industries are focused on shaping the future and staying ahead of the curve. We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth. Our commitment to innovation and growth is unwavering."

Q1 Financial Highlights

• Gross profit increased by 35% to $59.7 million in the first quarter compared to $44.2 million in the prior year quarter.
• Gross margin increased to 30% in the first quarter compared to 25% in the prior year quarter.
• Net loss improved by 38% to $(34.7) million in the first quarter compared to $(55.9) million in the prior year quarter.
• Net loss per share improved to $(0.04) in the first quarter compared to $(0.10) in the prior year quarter.
• Adjusted EBITDA in the first quarter was $9.3 million compared to $10.7 million in the prior year quarter.
• Beverage alcohol net revenue including acquisitions increased 132% to $56.0 million in the first quarter.

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Recent Milestones

The earnings report follows up on Tilray's recent launch of a new line of hemp-derived Delta-9 THC beverages across key U.S. markets, marking the company's strategic expansion into the fast-growing hemp-derived THC beverage category.

Among other important milestones, Tilray announced in September that it has completed another brewery acquisition from Molson Coors Beverage Company TAP.

"Atwater Brewery is a renowned craft brewery with a rich history and a loyal following in Michigan,” Simon said at the time. “This acquisition expands our reach in the Great Lakes region and further strengthens our position in the craft beer industry.

Over the last several months, Tilray, valued at $2 billion, has been expanding its U.S. brewery business but is not giving up on cannabis. In August, it released its latest small-batch flower strain, Milk & Cookies, under its premium cannabis brand Broken Coast, and in September, it published the results of a study focused on cannabis as a potential treatment for pain management and other fibromyalgia-associated symptoms.

TLRY Price Action

Tilray shares were trading 0.31% lower at $1.63 per share during Thursday's pre-market session.

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