Tilray Brands Reports Narrower Loss In Q1 Helped By Increased Cannabis Revenue

(RTTNews) - Tilray Brands, Inc. (TLRY), that engages in the research, cultivation, processing, and distribution of medical cannabis products, Wednesday reported narrower loss in the first quarter helped by increased revenue. However, it missed the consensus estimate.

Net loss in the first quarter narrowed to $55.86 million or $0.10 per share from net loss of $65.79 million or $0.13 per share in the prior year quarter. Analysts on average polled by Thomson-Reuters were expecting loss of $0.05 per share.

Net revenue in the quarter increased 15% to $176.95 million from $153.21 million in the prior year quarter. The consensus estimate was for $174 million. The company said its cannabis revenue increased 20% to $70 million from $59 million in the prior year quarter. 

Looking forward, Tilray has backed its full-year EBITDA outlook of $68 million - $78 million, a growth of 11% - 27% from the previous year.