Tilray Stock ( NASDAQ:TLRY )
After the Canadian cannabis company Tilray ( NASDAQ:TLRY ) revealed sales and profitability that were lower than projected for the second straight quarter in fiscal 2023, Tilray stock slid by less than one percent before the market opened on Monday.
Following a decrease of 9% YoY in the previous quarter, revenue for the second quarter of the fiscal year 2023 declined 7% YoY to $144.1M. This was due to a reduction in net cannabis revenue and distribution revenue, which fell 15% YoY and 13% YoY to $49.9M and $60.2M, respectively.
However, revenue from wellness products and net beverage alcohol sales increased by approximately 88% and 56% year over year, respectively, to $8.8 million and $21.4 million. Additionally, revenue from Canadian adult-use cannabis products increased by approximately 8% yearly to $53.6 million, despite a decrease of approximately 30% year over year in revenue from international cannabis products.
The firm swung to a net loss of $61.6M in Q2 FY23, compared to a net gain of $5.8M in the same quarter of the preceding fiscal year. This was because adjusted EBITDA decreased by about 15% YoY to $11.7M, while gross profits increased almost 22% YoY to $40.1M. The adjusted gross margin for the cannabis business hit 37%, down from 43% in the previous year’s comparable period.
However, Tilray reported $433.5M of cash and equivalents at the end of the quarter, increasing from $331.8M a year ago. This is because annualized cash cost-savings have reached $119.6M since the closing of the Tilray-Aphria transaction, which is an increase from $108M in the previou...
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