Tilray Brands (TLRY) announced that it made $155 million U.S. in revenue during its fiscal second quarter, an annual increase of 20%, as its cannabis, beverage, and wellness divisions reported a jump in year-over-year sales.
Tilray also reported $13.8 million U.S. in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and a $64 million U.S. repricing of its corporate bonds helped the company report a $6 million U.S. net profit in the quarter.
Analysts expected the company to report $166 million U.S. in revenue and $11.3 million U.S. in adjusted EBITDA.
Sales of Tilray's recreational cannabis fell by about 15% to $49.5 million U.S. in the quarter, while it reported increases in its medical and international cannabis businesses. On a sequential basis, Tilray's cannabis revenue fell 29% from the third quarter.
The company said its sales were hit by removing underperforming products in the Ontario market and a lack of available labour to help meet the demand for pre-roll products.
Cannabis now represents 38% of Tilray's total revenue as the company has diversified its sales to include alcoholic and wellness products as it looks to build its U.S. consumer-packaged-good business ahead of the U.S. legalizing cannabis on a national level.
That diversified strategy is being reflected in the company's new parent name - Tilray Brands - that the company hopes will better resonate with investors and consumers.
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