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 pred...
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