Canadian cannabis and beverage alcohol company Tilray Brands has lowered its financial guidance, reducing expectations for investors in its third-quarter earnings announcement on Tuesday.
Tilray’s previous guidance for fiscal year 2024 of $68 million-$78 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) “is no longer feasible,” chief financial officer Carl Merton said during an earnings call on Tuesday morning.
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“We have therefore lowered our adjusted EBITDA range to be between $60 (million) and $63 million,” he said.
Merton also said Tilray no longer expects to meet its previous guidance of achieving positive adjusted free cash flow for the full 2024 fiscal year.
Tilray attributed that change “to delayed timing for collecting cash on various asset sales,” according to a news release.
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