Tilray up 4% in US Pre-Market as Reports Q2 Net Income Impro Tilray up 4% in US Pre-Market as Reports Q2 Net Income Improved US$95 Million to $6 Million from Prior Year Quarter
MIDNIGHTTRADER - Updated 2 minutes ago
07:31 AM EST, 01/10/2022 (MT Newswires) -- Tilray (TLRY.TO), a global cannabis-lifestyle and consumer packaged goods (CPG) company, on Monday reported its Q2 results in US$.
Briefly, net income increased to $6 million from a net loss of $89 million in the previous year quarter.
Net revenue jumped ~20% to $155 million, from $129 million last year. The increase was driven by 7% growth in cannabis revenue to $58.8 million, net beverage alcohol revenue of $13.7 million from SweetWater, and wellness segment revenue of $13.8 million from Manitoba Harvest.
Cost synergies from the Aphria-Tilray combination stands at $70 million achieved on a run-rate basis to date, with actual cash-savings close to $36 million so far, Tilray reported. It expects to reach its $80 million synergy target, ahead of schedule, by May 31, 2022 and to generate an additional $20 million in synergies in fiscal 2023.
Tilray also announced a new parent name, Tilray Brands, Inc., reflecting its evolution from a Canadian LP to a global consumer packaged goods company powerhouse with a market leading portfolio of cannabis and lifestyle CPG brands.