Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY) reported a record net revenue of $194 million for the second quarter of its fiscal year 2024, marking a 34% increase over the prior year period. The company also announced a net loss of $46 million for the quarter, a decrease from the net loss of $62 million in the prior year quarter. The stock price reacted to the news by declining 9.8%, and is currently trading at $2.11 per share.
In a press release, Irwin D. Simon, Tilray Brands' Chairman and CEO, highlighted the company's financial achievements and strategic position, stating, "Tilray Brands is a major force at the forefront of innovation, disrupting the global CPG industry across medical and adult-use cannabis, wellness foods and snacks, and craft beverages."
The company's financial results showcased strong performance in various segments. Cannabis net revenue increased by 35% to $67 million, while beverage alcohol net revenue surged by 117% to $47 million in the second quarter compared to the prior year quarter. Additionally, the company achieved $22 million in operational synergies and identified an additional $5 million in cost savings expected to be realized during the back half of the fiscal year.
Tilray Brands also provided insight into its strategic growth actions, including the launch of new products and campaigns across its cannabis and beverage portfolios.
Furthermore, the company reiterated its adjusted EBITDA target of $68 million to $78 million for the fiscal year 2024, representing growth of 11% to 27% as compared to fiscal year 2023.
The full 8-K submission can be accessed here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $43,130 | $166,979 | $405,326 | $513,085 | $628,372 | $628,372 |
| Revenue Growth | n/a | 287.15% | 142.74% | 26.59% | 22.47% | 0.0% |
| Operating Margins | -167% | -23% | -27% | -20% | -70% | -11% |
| Net Margins | -157% | -192% | -25% | -65% | -69% | 100% |
| Net Income (k) | -$67,723 | -$321,169 | -$102,540 | -$336,014 | -$434,132 | $627,124 |
| Net Interest Expense (k) | $5,206 | $5,259 | -$19,371 | -$184,838 | $197,671 | $46,612 |
| Capital Expenditures | $50,198 | $73,741 | $44,644 | $38,874 | $34,064 | $20,800 |
| Current Ratio | 21.37 | 2.8 | 1.91 | 2.25 | 1.91 | 1.54 |
| Total Debt (k) | $9,348 | $430,210 | $94,028 | $219,951 | $253,525 | $160,969 |
