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Tilray Sees Stock Fall 10% Despite Record Revenues in Q2

Tilray has reported another quarter of record sales while beating analysts’ estimates on its earnings, reducing its losses by around US$15m year-on-year.

Despite this, the Canadian cannabis giant has seen its stock price plummet 10% since it released its figures, as investors remain skeptical of the company’s promise to break even this year. In the three months to November 30, 2023, Tilray saw revenues jump some 34% year-on-year to $193.8m, coming just below analysts’ forecasts.

This was attributed to strong growth in its cannabis sales arm, increasing from $49.9m in Q2 2023 to $67.1m in the previous quarter. Its recently acquired craft beer operation performed the strongest, seeing revenues skyrocket 117% year-on-year to $46.5m.

Tilray’s distribution business also grew, though at a much slower pace, increasing by 12% year-on-year. Meanwhile, the company reported a significant reduction in net losses from $61.6m in Q2 2023 to $46.2m, coming well above analysts’ estimates.

Gross margins fell across both its cannabis and beer businesses, however, falling by 12 and 13 percentage points compared to last year, respectively.

Looking ahead, the company maintained its commitment to generate positive adjusted free cash flow this year, though it has changed its definition of adjusted free cash flow. In 2024, Tilray said it expects EBITDA to come between $68, and $78m, marking a growth rate of between 11% and 27%.

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