Tilray Shares Up On Stagnating Revenue Kept In Line By Alcohol Sales, What About Cannabis?
Portfolio Pulse from Vuk Zdinjak
Tilray Brands, Inc. (NASDAQ:TLRY) reported its financial results for the fiscal year ended May 31, 2023, with net revenue of $627 million, a slight decrease from the previous year. However, gross profit increased by 26% to $147 million, and adjusted EBITDA rose 28% to $61 million. The company's beverage alcohol net revenue increased by 33% to $95 million, while cannabis net revenue decreased. For the fiscal year 2024, the company expects to achieve adjusted EBITDA targets of $68 million to $78 million. Tilray shares were trading 15.47% higher in the pre-market session.
July 26, 2023 | 12:28 pm
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Tilray's financial results show a mixed picture with a slight decrease in net revenue but increases in gross profit and adjusted EBITDA. The company's shares were trading higher in the pre-market session.
The increase in Tilray's gross profit and adjusted EBITDA, despite a slight decrease in net revenue, indicates a positive financial performance. This, coupled with the company's positive outlook for the fiscal year 2024, likely contributed to the increase in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100