Cannabis producer Tilray Brands (TLRY) has reported a quarterly loss of $105 million U.S. and lowered its forward guidance as its sales continue to struggle.
The company said that it lost $0.12 U.S. per share for the quarter ended Feb. 29. Revenue in what was the company's fiscal third quarter totalled $188.3 million U.S.
The results were better than a loss of $1.20 billion U.S. and revenue of $145.6 million U.S. recorded by the company a year earlier when it was hit with a big one-time impairment charge.
However, Tilray, which is now based in New York City, said that it expects earnings of only $60 million U.S. to $63 million U.S. for its entire 2024 financial year.
The newest guidance is down from earlier estimates of $68 million U.S. to $78 million U.S. in earnings.
Tilray also said that it also no longer expects positive free cash flow this financial year.
The stock of Tilray Brands fell 21% after its latest financial results and guidance were made public.
Over the last 12 months, the company’s stock has fallen 25% to trade at $2.06 U.S. per share on the Nasdaq exchange.
