Tilray Brands, Inc. reported a net revenue of $200.0 million for the three months ended August 31, 2024, marking a 13% increase from $176.9 million in the same period of 2023. The growth was primarily driven by a significant rise in beverage alcohol revenue, which surged to $56.0 million, up 132% from $24.2 million in the prior year, largely due to the acquisition of craft brands from Anheuser-Busch Companies, LLC. In contrast, cannabis revenue decreased to $81.2 million from $96.9 million, reflecting a 16% decline attributed to price compression and competitive pressures in the Canadian market.
Gross profit for the quarter was $59.7 million, a 35% increase from $44.2 million in the previous year. However, total operating expenses rose to $96.3 million, up 23% from $78.6 million, driven by higher selling expenses and restructuring costs related to the HEXO acquisition. The net loss for the quarter improved to $34.7 million, compared to a net loss of $55.9 million in the same period last year, indicating a 38% reduction in losses.
Tilray's total assets increased to $4.3 billion as of August 31, 2024, from $4.2 billion at the end of May 2024. Current assets also rose, reaching $725.9 million, while cash and cash equivalents decreased to $205.2 million. The company’s stockholders' equity increased to $3.5 billion, reflecting a positive trend in financial stability.
Strategically, Tilray completed the acquisition of a portfolio of craft brands from Anheuser-Busch for $83.7 million in cash on September 29, 2023, which is expected to enhance its beverage segment. Additionally, on September 1, 2024, Tilray acquired four craft beer brands from Molson Coors for $23.1 million, further expanding its market presence.
The company also reported restructuring charges of $4.2 million for the quarter, significantly higher than $0.9 million in the prior year, primarily due to costs associated with the HEXO acquisition and integration of the craft beverage portfolio. Non-operating income improved to $12.6 million, compared to a loss of $4.4 million in the previous year, driven by foreign exchange gains.
Overall, Tilray's performance in the latest quarter reflects a strategic pivot towards beverage alcohol, while navigating challenges in the cannabis sector.
About Tilray Brands, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.