Why Tilray Brands Stock Is Getting Smoked Today

Tilray Brands Inc TLRY shares are trading lower Monday after the company reported soft second-quarter financial results.

What Happened: Tilray reported second-quarter revenue of $144.14 million, which missed average analyst estimates of $159.94 million. The company reported a second-quarter net loss of 6 cents per share, in line with average estimates.  

Beverage-alcohol sales increased 56% year-over-year to $21.4 million. Gross profits were up 22% year-over-year and adjusted gross margins remained at 29%. 

Check This Out: HEXO Launches Five New Cannabis Strains Under Redecan And Original Stash Brands

"We are close to achieving our increased annualized cost savings target of $130 million, consistent with our commitment to building a lean, efficient, and dynamic business that will realize tangible and immediate benefits as the market improves," said Irwin Simon, chairman and CEO of Tilray.

Tilray said it ended the quarter with $433.5 million in cash and marketable securities. The company plans to continue to focus on re-positioning as a global diversified portfolio of brands. 

See Also: This Public Cannabis-Related Finance Company Is Benefitting From Capital Imbalance, Says Analyst

TLRY Price Action: Tilray has a 52-week high of $9.08 and a 52-week low of $2.52.

The stock was down 4.75% at $2.81 at time of publication, according to Benzinga Pro.

Photo: M. Maggs from Pixabay.