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Canadian cannabis producer Tilray Brands narrowed its loss to $56 million ($77 million Canadian dollars) in the first quarter on record sales of $177 million, the company said in its financial results for its first quarter of fiscal year 2024.
The revenue is 15% higher than the same period last year, boosted by cannabis sales, as the New York- and Leamington, Ontario-based company said its recreational marijuana market share improved to an industry-leading 13.4%.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability, was $11.4 million in the first quarter ended Aug. 31.
That’s compared with $13.5 million in the same quarter last year.
Tilray reiterated its adjusted EBITDA target of $68 million-$78 million for the fiscal year ending May 31, 2024.
The company said it still expects to generate positive adjusted free cash flow this year – a critical milestone in the cannabis industry amid tight capital markets.
Tilray’s sales improved in the quarter in almost every segment.
Its cannabis business experienced a revenue increase to $70.3 million, 20% better than the same period last year.
Other segment sales were:
- $69.2 million for its distribution business, up 11%.
- $24.2 million for its beverage alcohol business, 17% higher than last year’s first quarter.
Revenue for Tilray’s wellness business declined to $13.5 million in the quarter, 1% less than the previous year.
Tilray’s biggest business segments were cannabis and beverage alcohol, which represented 30% of sales, respectively.
Gross cannabis revenue by market channel was:
- $6.1 million in the June-August quarter, down slightly from $6.5 million for the same period last year.
- $71.2 million from Canadian adult-use cannabis, up 22% over 2022.
- $5.3 million from wholesale cannabis, up from $392,000 last year.
Revenue from international cannabis jumped 37% over last year to $14.3 million for the three months ended Aug. 31.
Cash and cash equivalents as of the end of August were $177.5 million.
In the quarter, Tilray closed on three separate transactions:
Meanwhile, the acquisition of eight beer and beverage brands from Anheuser-Busch for $85 million was completed this week.
Tilray’s shares trade as TLRY on the Nasdaq and Toronto Stock Exchange.
MediPharm’s shares trade as LABS on the TSX.
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