Tilray's EPS - dissecting the trend How did Tilray more than halve their negative EPS ?
A good portion was simply due to a 27% increase in the number of shares. I believe that the discrepancy in the Q1 23 share balance on page 2 versus page 3 can be explained by the 30 million shares borrowed and returned by the note holders for hedging.
Gross profit increased $16 million, but operating expenses increased by $18 million, and yet the Net loss decreased by $21 million from Q1 2023 - how did they do that?
Simple. An additional $16 million in non-operating income - a $6 million foreign exchange gain, and a $10 million gain due to drop in value of warrants & convertibles due to a declining share price. Lending shares for shorting will have that effect. Also, a gain of $697 k instead of a loss of $10.3 million on derivatives helped right the ship.
Not a good quarter for a CPG company, but for an investment house it's the bee's knees.