Tilray Expecting Full-Year Sales To Approach $1 Billion

Tilray reported gross profits of $61 million for Q2, ended November 30, a 29% gain over the previous year. Overall, net revenue was up 9% for the quarter, reaching $211 million. According to Tilray, business was strong across all segments: cannabis, beverage alcohol, distribution, and wellness. While the overall business is robust, Tilray did report a decline in adjusted EBITDA to $9 million for the quarter compared to $10 million the year prior. For its full fiscal year, the company is targeting sales of $950 million to $1 billion.

Cannabis net revenue fell slightly, dropping $1 million year-over-year to $66 million. While net revenue fell, the cannabis segment’s gross margin improved to 35%, compared to 31% previously. Tilray’s distribution arm saw revenues rise by $1 million to $68 million for the quarter and the company’s wellness unit was up 13% to $15 million.

While still Tilray’s smallest segment, beverage alcohol delivered strong growth for the company, with net revenue up 36% to $63 million for the quarter. While initially known for its cannabis business, in recent years Tilray has made an aggressive move into the alcohol industry, particularly in beer. The company began by purchasing Georgia’s Sweetwater Brewing and has expanded its stable to include former AB InBev brands, like Shock Top and Breckenridge, and former Molson Coors brands, like Terrapin and Atwater.

Lately, the company has focused on culling underperforming products across the beer stable to focus on higher-growth offerings and innovation. “Going forward, we will continue to manage SKU performance within our portfolio on a ‘one in and one out basis’ to maximize SKU productivity, Tilray noted.

“Tilray is a leading force at the forefront of the beverage industry, revitalizing the beer market, driving growth in spirits and non-alcoholic beverages, and advancing the legitimacy of cannabis for both recreational and medical use,” said Irwin Simon, chairman and CEO. “We are trailblazing the future of consumer products through the infrastructure we have built. I am enthusiastic about what lies ahead, including the potential future legalization of cannabis in the U.S.”—Shane English

Tagged : Atwater, breckenridge, cannabis, Shock Top, Sweetwater, Terrapin, Tilray

GET YOUR FIRST LOOK AT 2025 ESTIMATES AND 2030 PROJECTIONS FOR THE WINE AND SPIRITS INDUSTRIES. ORDER YOUR 2025 IMPACT DATABANK REPORTS. CLICK HERE.