TLRY was trading at $3.5092 as of 10:10 AM EDT.
Tilray Brands (NASDAQ:TLRY) released Q1 FY23 financial results on Friday that fell short of the top and bottom-line Street expectations as the Canadian Licensed Producer saw quarterly sales decrease due to a weak cannabis segment. However, President Joe Biden’s most recent comments on cannabis legislation have caused TLRY shares to increase in pre-market trade.
TLRY financials
Net cannabis sales at TLRY plummeted 17% YoY to $58.6 million during the quarter, causing a 9% YoY decline in revenue to $153.2 million. Net beverage alcohol revenue increased by 34% YoY to $20.7 million, while distribution revenue and wellness revenue both decreased by 10% YoY to $60.6M and $13.4 million, respectively.
According to the market channel, sales of cannabis goods for adult use in Canada fell by around 16% YoY to $58.4 million, while sales of cannabis products from other countries increased by about 2% YoY and added $10.4 million. Adj. EBITDA increased 7% YoY to $13.5 million, while the cannabis segment’s adj. gross margin increased to 51% from 43% in the preceding quarter. A $66 million net loss followed a $457.8 million net loss in the prior quarter that was primarily due to a $395.0 million non-cash impairment.
Cash and equivalents, which were $415.9 million at the end of fiscal 2022, were constant at $490.6 million. In addition to continuing to anticipate adj. EBITDA of $70 million to $80 million and positive free cash flow by the end of the year, the company projects savings from corporate optimization programs of $130 million.
TLRY Stock analyzed
If the stock’s current price movement based on recently disclosed figures and predicted future earnings can be sustained will primarily depend on the management’s comments during the earnings call. Tilray Brands, Inc. stock has fallen by around 44.5% since the start of the year, compared to a -21.4% decrease in the S&P 500.
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Author Jowi Kwasu