Tilray Posts 34% Sales Boost, With Cannabis And Alcohol Both Rising
January 16, 2024For its second quarter of its fiscal 2024 ended in November, cannabis and beverage alcohol group Tilray posted net revenue of $194 million, a 34% jump over Q2 2023. The gains were accompanied by an 11% bump in gross profit to $47 million, with gross margin at 24%. Though the company reported year-over-year growth for its net revenue, Tilray was down 5% sequentially against its fiscal first quarter.
Tilray’s cannabis holdings delivered solid growth for the company over the three-month period, rising 35% and bringing net cannabis revenue to $67 million. Alcohol, on the other hand, was explosive in the second quarter, rising 117% to $47 million. Net loss for the company was down, dropping to $46 million in Q2 2024 compared to $62 million in Q2 2023. The company reported an adjusted EBITDA of $10.1 million, compared to $11 million the year before. “Our Q2 financial results demonstrate the strength of our brands, our global team, and our diversified growth strategy,” said chairman and CEO Irwin Simon.
While cannabis remains Tilray’s driving force—with the company holding a 12.5% market share in Canada—its beverage alcohol holdings have substantially grown in the past year through a series of acquisitions, including a package of breweries from Anheuser-Busch, which tripled its beer volume to about 12 million cases. “We have also emerged as a disruptor in the craft beverage-alcohol industry by assembling a portfolio of highly sought-after brands,” which are rising in “key regions across the U.S. in the Northeast, the Pacific Northwest, and the Southeast,” said Simon.—Shane English
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