Tilray Brands Posts Adj. Loss In Q2, Net Revenue Up 34%; Reiterates FY24 Guidance

(RTTNews) - Tilray Brands, Inc. (TLRY) reported that its second quarter net loss narrowed to $46 million compared to net loss of $62 million in the prior year quarter. Net loss per share narrowed to $0.07 compared to $0.11. On an adjusted basis, net loss was $2.7 million, and breakeven per share. Adjusted EBITDA was $10.1 million compared to $11.0 million, prior year. The company said the difference was primarily related to the HEXO advisory fee revenue in the prior year quarter along with timing differences in recognizing synergies from operating results after completing acquisitions. Second quarter net revenue was $194 million, increased 34% compared to $144 million in the prior year quarter.

For fiscal year ending May 31, 2024, the company reiterated adjusted EBITDA target of $68 million to $78 million, representing growth of 11% to 27%. Also, the company continues to expect to generate positive adjusted free cash flow.

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