When Is Cannabis Giant Tilray Reporting Earnings And What Should Investors Expect?

Tilray Brands, Inc. TLRY TLRY, a global cannabis and consumer packaged goods company, will release its financial results for the fourth quarter and full fiscal year ending May 31, 2024, on July 29, 2024, after the market closes. A live audio webcast discussing these results is scheduled for 4:30 pm Eastern Time and will be accessible on the Investors section of Tilray’s website. Investors can also replay and archive the webcast on the company’s website.

The company is encouraging its stockholders to engage in the upcoming Q&A session. Stockholders can already submit and upvote questions via the Say Technologies platform until July 26, 2024..

Tilray’s Recent Performance And Strategic Moves

Shares of Tilray Brands experienced a sharp decline after missing third-quarter estimates and retracting its forecast for positive adjusted free cash flow for the fiscal year 2024. The company reported $188.3 million in net revenue for the third quarter ending February 29, 2024, marking a 30% year-over-year increase. Despite the revenue growth, the net loss for the quarter was $105 million, still a significant improvement from the $1.2 billion net loss in the previous year. The company also noted a 165% increase in beverage-alcohol net revenue to $54.7 million and a 33% rise in global cannabis net revenue to $63.4 million.

CEO Irwin D. Simon highlighted several achievements during the quarter, including revenue growth across core segments, increased adjusted gross profit, reduced convertible debt balance, and successful integration of recent acquisitions. “We made several notable achievements during the third quarter, including growing revenue across our core business segments,” Simon stated.

Financial Highlights

Tilray’s third-quarter financial highlights include:

• Gross profit of $49.4 million, with adjusted gross profit increasing by 17% to $51.6 million.
• A 26% gross margin and a 27% adjusted gross margin.
• Distribution net revenue of $56.8 million.
• Wellness net revenue increased by 12% to $13.4 million.
• A positive adjusted EBITDA of $10.2 million.
• A strong liquidity position with $226 million in financial resources.

Research And Market Position

Tilray Medical, a division of Tilray Brands, recently published a new study, “Medical Cannabis for Patients Over Age 50: A Multi-Site, Prospective Study of Patterns of Use and Health Outcomes.” The research, involving 299 participants with an average age of 66.7 years, found that 90% used medical cannabis for pain-related conditions, leading to improvements in pain scores, sleep, and quality of life. José Tempero, Tilray’s medical director, emphasized the company’s commitment to advancing medical research: “Our involvement in this initiative underscores our unwavering commitment to advancing medical research.”

Read Also: 90% Of Medical Marijuana Patients Over 50 Are Treating Chronic Pain And Arthritis, Finds New Tilray Study

Strategic Vision And Market Analysis

Tilray’s diversified portfolio includes beverages, wellness products and distribution, with significant investments in the U.S. market. Pablo Zuanic of Zuanic & Associates has a “Neutral” rating on Tilray, but highlights its potential in global markets. “In a bull-case scenario, the stock could be near $7 a year from now,” Zuanic noted in a recent analysis.

Future Outlook And Opportunities

Tilray’s strategic assets and potential regulatory changes in the U.S. could open new opportunities. The company’s recent $250 million equity offering is expected to support its U.S. strategy. Despite the challenges, Tilray’s investments and market position indicate a positive outlook for future growth.

These developments and strategic directions will be key discussion points at the upcoming Benzinga Cannabis Capital Conference in Chicago on October 8-9. The event will provide insights into the future of cannabis legalization and investment opportunities. For more information and tickets, visit the conference website.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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