Tilray Brands today reported financial results for its first quarter ended August 31, 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“As the Chairman and CEO of Tilray Brands, I am excited to lead a company that is disrupting the CPG industry through innovative products that are transforming the way consumers eat, drink, and unwind with cannabis, hemp and beverage products. Our investments in the cannabis, wellness, beverage, and distribution industries are focused on shaping the future and staying ahead of the curve. 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. Our commitment to innovation and growth is unwavering," said Tilray CEO Irwin Simon.
“We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization. We are optimistic about the future of the cannabis industry and look forward to the potential opportunities that lie ahead.”
Financial Highlights – First Quarter Fiscal Year 2025
Net revenue increased 13% to $200 million in the first quarter compared to $177 million in the prior year quarter.
Gross profit increased by 35% to $59.7 million in the first quarter compared to $44.2 million in the prior year quarter. Gross margin increased to 30% in the first quarter compared to 25% in the prior year quarter.
Net loss improved by 38% to $(34.7) million in the first quarter compared to $(55.9) million in the prior year quarter.
Net loss per share improved to $(0.04) in the first quarter compared to $(0.10) in the prior year quarter.
Adjusted net loss per share improved to $(0.01) in the first quarter compared to $(0.04) in the prior year quarter.
Adjusted EBITDA in the first quarter was $9.3 million compared to $10.7 million in the prior year quarter.
Beverage alcohol net revenue including acquisitions increased 132% to $56.0 million in the first quarter.
Beverage alcohol gross margin was 41% in the first quarter.
Cannabis net revenue was $61.2 million in the first quarter.
Cannabis gross margin was 40% in the first quarter.
Distribution net revenue was $68.1 million in the first quarter.
Distribution gross margin was 12% in the first quarter.
Wellness net revenue increased 11% to $14.8 million in the first quarter.
Wellness gross margin was 32% in the first quarter
