Tilray Brands Reports Q1 2025 Financial Results
- Tilray Achieves 13% Year-Over-Year Growth, Generating Record Q1 Net Revenue of $200 Million
- Q1 Gross Margin Increases Over 500 Basis Points, Representing 20% Year-Over-Year Growth
- Tilray Beverages Achieves 132% Net Revenue Growth, Tilray Alternative Beverages Launched in October to Fuel Key U.S. Markets with Hemp-Derived Delta-9 THC Products
- German Medical Cannabis Flower Revenue Increases by 50% Following Legalization
- Conference Call to be Held at 8:30 a.m. ET Today
NEW YORK and LEAMINGTON, Ontario, Oct. 10, 2024 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global lifestyle and consumer packaged goods company, today reported financial results for its first quarter ended August 31, 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
Irwin D. Simon, Tilray Brands’ Chairman and Chief Executive Officer, stated, “As the Chairman and CEO of Tilray Brands, I am excited to lead a company that is disrupting the CPG industry through innovative products that are transforming the way consumers eat, drink, and unwind with cannabis, hemp and beverage products. Our investments in the cannabis, wellness, beverage, and distribution industries are focused on shaping the future and staying ahead of the curve. We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth. Our commitment to innovation and growth is unwavering.”
We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization. We are optimistic about the future of the cannabis industry and look forward to the potential opportunities that lie ahead.
Irwin D. Simon, Tilray Brands’ Chairman and CEO
Financial Highlights – First Quarter Fiscal Year 2025
- Net revenue increased 13% to $200 million in the first quarter compared to $177 million in the prior year quarter.
- Gross profit increased by 35% to $59.7 million in the first quarter compared to $44.2 million in the prior year quarter. Gross margin increased to 30% in the first quarter compared to 25% in the prior year quarter.
- Net loss improved by 38% to $(34.7) million in the first quarter compared to $(55.9) million in the prior year quarter.
- Net loss per share improved to $(0.04) in the first quarter compared to $(0.10) in the prior year quarter.
- Adjusted net loss per share improved to $(0.01) in the first quarter compared to $(0.04) in the prior year quarter.
- Adjusted EBITDA in the first quarter was $9.3 million compared to $10.7 million in the prior year quarter.
- Beverage alcohol net revenue including acquisitions increased 132% to $56.0 million in the first quarter.
- Beverage alcohol gross margin was 41% in the first quarter.
- Cannabis net revenue was $61.2 million in the first quarter.
- Cannabis gross margin was 40% in the first quarter.
- Distribution net revenue was $68.1 million in the first quarter.
- Distribution gross margin was 12% in the first quarter.
- Wellness net revenue increased 11% to $14.8 million in first the quarter.
- Wellness gross margin was 32% in the first quarter.
Live Conference Call and Audio Webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 a.m. ET. Investors may join the live webcast available on the Investors section of the Company’s website at www.tilray.com. A replay will be available and archived on the Company’s website.
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy, wellness and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.
For more information on Tilray Brands, visit www.Tilray.com and follow @Tilray
