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Tilray narrows loss to $56 million on record cannabis sales


Canadian cannabis producer Tilray Brands narrowed its loss to $56 million ($77 million Canadian dollars) in the first quarter on record sales of $177 million, the company said in its financial results for its first quarter of fiscal year 2024.

The revenue is 15% higher than the same period last year, boosted by cannabis sales, as the New York- and Leamington, Ontario-based company said its recreational marijuana market share improved to an industry-leading 13.4%.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability, was $11.4 million in the first quarter ended Aug. 31.

That’s compared with $13.5 million in the same quarter last year.

Tilray reiterated its adjusted EBITDA target of $68 million-$78 million for the fiscal year ending May 31, 2024.

The company said it still expects to generate positive adjusted free cash flow this year – a critical milestone in the cannabis industry amid tight capital markets.

Tilray’s sales improved in the quarter in almost every segment.

Its cannabis business experienced a revenue increase to $70.3 million, 20% better than the same period last year.

Other segment sales were:

  • $69.2 million for its distribution business, up 11%.
  • $24.2 million for its beverage alcohol business, 17% higher than last year’s first quarter.

Revenue for Tilray’s wellness business declined to $13.5 million in the quarter, 1% less than the previous year.

Tilray’s biggest business segments were cannabis and beverage alcohol, which represented 30% of sales, respectively.

Gross cannabis revenue by market channel was:

  • $6.1 million in the June-August quarter, down slightly from $6.5 million for the same period last year.
  • $71.2 million from Canadian adult-use cannabis, up 22% over 2022.
  • $5.3 million from wholesale cannabis, up from $392,000 last year.

Revenue from international cannabis jumped 37% over last year to $14.3 million for the three months ended Aug. 31.

Cash and cash equivalents as of the end of August were $177.5 million.

In the quarter, Tilray closed on three separate transactions:

Meanwhile, the acquisition of eight beer and beverage brands from Anheuser-Busch for $85 million was completed this week.

Tilray’s shares trade as TLRY on the Nasdaq and Toronto Stock Exchange.

MediPharm’s shares trade as LABS on the TSX.



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