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.
ADVERTISEMENT
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
Read full article on Marijuana Business Daily
