- Wednesday, October 16, 2024
Tilray Brands Inc. (TLRY), a leading cannabis company, showcased a resilient performance in its fiscal first quarter. Despite a wider-than-expected loss, Tilray managed to surpass its revenue target. The company's stock rose by 2.7% during premarket trading on Wednesday.
Financial Overview
In the three months ending Aug. 1, Tilray reported a loss of $55.86 million, equivalent to 10 cents per share. This compares to a loss of $65.79 million, or 13 cents per share, in the same period last year. Although the loss was higher than anticipated, analysts surveyed by FactSet had projected a loss of only 7 cents per share.
On the revenue front, Tilray celebrated a record-breaking quarter, generating $176.95 million compared to $153.2 million in the previous year. This exceeded analysts' expectations of $174.3 million for the first quarter.
Market Expansion in Canada
Tilray solidified its position as the leading cannabis market player in Canada during the quarter, increasing its market share to an impressive 13.4%. This achievement further affirms Tilray's reputation as a dominant force in the Canadian cannabis industry.
Diversifying into Beer
In addition to its success in the cannabis market, Tilray made significant strides in diversifying its portfolio. The company successfully acquired eight craft beer and beverage brands, positioning itself as the fifth largest U.S. craft beer brewer, boasting a commendable 5% market share.
Future Outlook
Tilray remains optimistic about its financial performance in the coming years. The company expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $68 million to $78 million by 2024, with positive adjusted free cash flow.
Overall, despite the wider loss, Tilray's strong revenue growth, market share expansion, and successful diversification efforts showcase its resilience and determination to maintain its leadership position in both the cannabis and beer industries.
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