- Tilray Brands (TLRY) reported financial results for the first fiscal quarter ended August 31, 2022
- The company reported net revenue of $153.2 million and $166.5 million for the quarter on a constant currency basis
- International cannabis revenue was $10.4 million. On a constant currency basis, international cannabis revenue was $11.9 million
- Tilray Stock (TSX:TLRY) is down 12.55 per cent, trading at C$3.41 at 10:25 am ET
Tilray Brands (TLRY) reported financial results for the first fiscal quarter ended August 31, 2022.
The company reported net revenue of $153.2 million and $166.5 million for the quarter on a constant currency basis.
International cannabis revenue was $10.4 million. On a constant currency basis, international cannabis revenue was $11.9 million.
$108 million was achieved in annualized cash cost-savings since the closing of the Tilray – Aphria transaction in May 2021, up from $85 million as of May 31, 2022.
Net loss was $66 million., while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $13.5 million, the 14th consecutive quarter of positive adjusted EBITDA.
Tilray’s Chairman and Chief Executive Officer, Irwin D. Simon, stated that the company’s top and bottom-line results during Q1 2023 reflect what he calls a successful realignment of the business to maximize revenue and market share gains across core business segments and geographies.
“Most notably, we are now the leader in net cannabis revenue worldwide, highlighted by medical cannabis leadership globally and adult-use cannabis market share primacy in Canada. These achievements affirm that, amid market disruption and macroeconomic challenges, we have leveraged our scale, marketing acumen and CPG expertise to deliver strong – and sustainable – top-line growth.”
The company also maintained an 8.5 per cent cannabis market share, driven by its adult-use brands portfolio, while its cannabis gross margin increased to 51 per cent from 43 per cent in the prior-year quarter.
Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. The company is building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany.