Cannabis company Tilray Brands reports US$46.2M Q2 loss, revenue up 34% from year ago
LEAMINGTON, Ont. — Tilray Brands Inc. reported a net loss of US$46.2 million in its latest quarter as its revenue rose 34 per cent compared with a year ago.
The cannabis company, which keeps its books in U.S. dollars, says the loss amounted to seven cents per diluted share for the quarter ended Nov. 30.
The result compared with a loss of US$61.6 million or 11 cents per diluted share a year earlier.
Net revenue for what was Tilray’s second quarter totalled US$193.8 million, up from US$144.1 million in the same quarter a year earlier.
Tilray chairman and chief executive Irwin Simon says the company grew revenue, enhanced its capital structure and realized operating synergies.
In September 2023, Tilray closed its acquisition of eight beer and beverage brands from Anheuser-Busch including Shock Top, Breckenridge Brewery, Blue Point Brewing Co., 10 Barrel Brewing Co., Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Co. and HiBall Energy.
This report by The Canadian Press was first published Jan. 9, 2024.