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 2.  / 
 3. Canada


CANADIAN CANNABIS PRODUCER TILRAY REPORTS $1.4 BILLION ANNUAL LOSS

By MJBizDaily Staff
July 26, 2023

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Tilray Brands on Wednesday reported a net loss of $1.4 billion (1.9 billion
Canadian dollars) for its fiscal year 2023, though the Canadian cannabis
producer handily beat consensus estimates in the fourth quarter.

Tilray’s net loss of $120 million in the March-May quarter is a substantial
improvement over the $458 million loss in the previous year’s quarter.

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Analysts viewed the earnings positively, largely citing the fourth-quarter
figures and overlooking the supersized annual loss.

Net revenue in the March-May quarter reached $184.2 million, easily surpassing
analysts’ consensus estimate of approximately $154 million.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)
– a measure of profitability – came in at $22.2 million, beating analysts’
expectations of less than $20 million.

Some of the company’s key business segments did very well in the quarter.

Cannabis net revenue, for instance, increased to $64 million in the fourth
quarter, up 21% compared with $53 million year-over-year.

Net sales of beverage alcohol grew to $32.4 million in the quarter, up 43%
compared to the same quarter last year.

However, Tilray lost ground on almost all its key segments on an annual basis.

Tilray’s net revenue in 2023 compared to 2022 was, by segment:

 * $220.3 million in cannabis, down 7.1%.
 * $258.7 million in distribution sales, down 0.3%.
 * $52.8 million in wellness, down 11%.

Alcohol sales increased on an annual basis, mostly because of acquisitions.

Tilray’s alcohol sales grew 33% year-over-year to $95.1 million in fiscal 2023.

The company’s net cannabis revenue by market channel was:

 * $25 million in Canadian medical marijuana, a 17% reduction compared to 2022.
 * $214.3 million in recreational cannabis, up 2.4% over last year.
 * $1.4 million in wholesale marijuana revenue, 79% lower than in 2022.
 * $43.6 million in international cannabis sales, down 19%.

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Tilray, which has offices in Leamington, Ontario, and New York, provided forward
guidance for the upcoming fiscal year, saying it expects to achieve adjusted
EBITDA targets of $68 million-$78 million.

“The recent closing of the HEXO transaction has boosted our competitive
positioning in Canada, the largest, federally legalized cannabis market in the
world,” CEO Irwin Simon said in a statement.

He was referring to the June closing of Tilray’s $56 million acquisition of
troubled rival Hexo Corp.

“We are working towards a seamless integration into our efficient, built-to-last
platforms as we leverage our deep CPG expertise and track record to drive both
revenue and cost synergies while expanding product distribution in Canada and
across international markets,” Irwin continued.

The company generated free cash flow of $33.3 million in the fourth quarter but
minus-$8.6 million for the whole of fiscal 2023.

Tilray had cash and cash equivalents worth $206.6 million as of May 31.

The company’s shares trade as TLRY on the Nasdaq and Toronto Stock Exchange.

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