Cannabis company Tilray Brands reports second-quarter loss, revenue down from year ago

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Tilray Brands Inc. TLRY-Q reported a second-quarter net loss of US$61.6-million compared with net income of nearly US$5.8-million in the same quarter a year earlier.

The cannabis company, which keeps its books in U.S. dollars, says the loss amounted to 11 cents per diluted share for the three months ended Nov. 30 compared with net income of zero cents per diluted share a year earlier.

Net revenue for the quarter totalled US$144.1-million, down from nearly US$155.2-million in the same quarter last year.

The results came as Tilray’s cannabis business reported US$49.9-million in revenue, down from US$58.8-million in the same quarter last year, while its distribution business saw revenue of US$60.2-million compared with US$68.9-million a year ago.

Tilray’s beverage alcohol business had US$21.4-million in revenue, up from US$13.7-million last year, and its wellness business revenue totalled nearly US$12.7-million, down from US$13.8-million a year ago.

On an adjusted basis, Tilray says it had a net loss of US$35.3-million or six cents per diluted share in its latest quarter compared with an adjusted net loss of US$38.8-million or eight cents per diluted share a year earlier.

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