Tilray Brands Inc. (NASDAQ:TLRY) has announced a net loss of US$46.2 million for its latest quarter, revealing a 34% increase in revenue compared to the same period a year ago. The cannabis company, reporting in U.S. dollars, disclosed a loss of seven cents per diluted share for the quarter ending Nov. 30, a notable improvement from the US$61.6 million loss (11 cents per diluted share) reported in the corresponding quarter of the previous year.
The second-quarter net revenue for Tilray amounted to US$193.8 million, reflecting substantial growth from the US$144.1 million recorded in the same quarter the previous year. Tilray’s chairman and chief executive, Irwin Simon, highlighted the company’s ability to boost revenue, optimize its capital structure, and achieve operational synergies.
A significant development for Tilray occurred in September 2023, with the successful acquisition of eight beer and beverage brands from Anheuser-Busch. This strategic move expanded Tilray’s portfolio to include renowned names such as Shock Top, Breckenridge Brewery, Blue Point Brewing Co., 10 Barrel Brewing Co., Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Co., and HiBall Energy.
Despite the reported loss, Tilray’s leadership remains optimistic about the company’s performance, emphasizing both revenue growth and operational improvements.
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