Tilray Brands Reports 26% Increase in Revenue for Fiscal 2024

LOS ANGELES- Tilray Brands announced a 26% increase in net revenue for the fiscal year ending May 31, 2024, reaching $789 million. This result surpassed Wall Street analysts’ projections of $783 million. The company’s growth was largely driven by its beverage-alcohol and cannabis segments.

The beverage-alcohol sector showed significant growth, with net revenue increasing by 113% to $202 million, while the cannabis segment recorded a 24% rise to $273 million. These gains were bolstered by strategic acquisitions, including HEXO Corp., Truss Beverage Co., and eight craft brands from Anheuser-Busch. In the United States, Tilray has become the fifth-largest craft brewer, and in Canada, it holds the top position in the recreational cannabis market. The company also leads in the medical cannabis market across Europe.

Tilray achieved notable international milestones, including obtaining a cannabis trading license in Germany and receiving approval for new cannabis products in Portugal and Australia. The company reported a record gross profit of $223 million and an adjusted EBITDA increase of 37% in the fourth quarter compared to the previous year.

Chairman and CEO Irwin D. Simon highlighted the company’s success in executing its diversification strategy and reducing net convertible debt by approximately $300 million. Despite these achievements, the company reported a net loss of $222.4 million, down from $1.4 billion the previous year, mainly due to non-cash expenses.

Looking ahead, Wall Street analysts predict continued revenue growth for Tilray, potentially exceeding $1 billion by 2027. However, full profitability is not expected until the fiscal year 2027, as the company balances reinvestment and growth.

Tilray’s financial performance indicates strong potential for future expansion, with continued focus on its diversified product offerings and strategic acquisitions.