Business
Tilray Brands, Inc. Reports Q3 Fiscal 2024 Financial Results
Achieved Net Revenue of $188 Million, ~ 30% Net Revenue Growth Over the Prior Year Quarter Beverage-Alcohol Net Revenue Increases 165% Over the Prior Year
About this update from Tilray Brands, Inc.
[{"type":"text","content":"Achieved Net Revenue of $188 Million, ~ 30% Net Revenue Growth Over the Prior Year Quarter Beverage-Alcohol Net Revenue Increases 165% Over the Prior Year Quarter, 5th Largest Craft Beer Brewer in the U.S.1 with 4.5% Craft Beer Market Share Global Cannabis Net Revenue Increases 33% with International Cannabis Growth of 44% Over the Prior Year Quarter, #1 Market Share in Canada and #1 Market Share in Germany U.S. Cannabis Strategy in Place to Strike with Potential Drug Policy Reform Conference Call to be Held at 8:30 a.m. ET Today NEW YORK and LEAMINGTON, Ontario, April 09, 2024 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, today reported financial results for its third quarter ended February 29, 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. Financial Highlights – 2024 Fiscal Third Quarter Net revenue of $188.3 million increased ~30% in the third quarter compared to $145.6 million in the prior year quarter.Gross profit was $49.4 million, while adjusted gross profit increased 17% to $51.6 million in the third quarter. Gross margin was 26% and adjusted gross margin was 27%.Beverage-alcohol net revenue increased 165% to $54.7 million in the third quarter from $20.6 million in the prior year quarter. The increase was related to our new Craft Acquisition brands while our existing brands stayed consistent. Beverage-alcohol gross profit increased 89% to $18.9 million in the third quarter from $10.0 million in the prior year quarter. Adjusted beverage-alcohol gross profit increased to $20.9 million from $11.0 million in the prior year quarter.Beverage-alcohol gross margin was 34% in the third quarter compared to 48% in the prior year quarter and adjusted gross beverage alcohol margin was 38% in the third quarter compared to 53% in the prior year quarter. The decrease was a result of the addition of the acquired craft brands, which currently have lower margins than our historical business, primarily due to the current underutilization of the breweries we acquired. Cannabis net revenue increased 33% to $63.4 million in the third quarter compared to $47.5 million in the prior year quarter, reflecting the acquisitions of HEXO and Truss as well a...