NEW YORK and LEAMINGTON, Ontario - Tilray (NASDAQ:TLRY) Brands, Inc. (NASDAQ:TLRY; TSX:TLRY) reported better-than-expected earnings but fell short on revenue for its first quarter ended August 31, 2024.
The cannabis and consumer packaged goods company posted adjusted earnings per share of -$0.01, beating analyst estimates of -$0.04. However, revenue came in at $200 million, missing the consensus forecast of $218.88 million.
Despite the revenue miss, Tilray's net revenue increased 13% YoY from $177 million in the prior year quarter. The company saw significant growth in its beverage alcohol segment, with revenue including acquisitions surging 132% to $56.0 million. Cannabis net revenue was $61.2 million, while distribution revenue reached $68.1 million.
Gross profit rose 35% YoY to $59.7 million, with gross margin expanding to 30% from 25% a year ago. Net loss improved by 38% to $34.7 million or $0.04 per share, compared to a loss of $55.9 million or $0.10 per share in the prior year period.
"We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth," said Irwin D. Simon, Tilray's Chairman and CEO. He expressed optimism about potential regulatory changes in the U.S. cannabis industry following the upcoming presidential elections.
Tilray's adjusted EBITDA for the quarter was $9.3 million, down from $10.7 million in the same period last year.
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