Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY) has the leading net cannabis revenue worldwide after its constant push to expand its international operations.
On Friday, the company announced its financial results for the first quarter of the fiscal year 2023 ending on August 31 this year and reported net revenue of $153.3 million.
It also saw that its adjusted earnings before interest, taxes and depreciation during the quarter totalled $13.5 million which is the second highest in the history of the company.
The company reported an international cannabis revenue of $10.4 million.
Cash by the end of the period totalled $490,000 which increased from $376,000 last year.
Net loss reached $66 million during the quarter, an increase from $35 million last year.
The company also achieved $108 million in annualized cash cost-savings since the closing of the Tilray-Aphria transaction in May last year.
Company stock went up by 3.22 per cent in the last five days but dropped to $4.07 on Tuesday after dropping 6 per cent on the Toronto Securities Exchange.
“Most notably, we are now the leader in net cannabis revenue worldwide, highlighted by medical cannabis leadership globally and adult-use cannabis market share primacy in Canada,” said Tilray CEO Irwin D. Simon.
“These achievements affirm that, amid market disruption and macroeconomic challenges, we have leveraged our scale, marketing acumen and CPG expertise to deliver strong – and sustainable – top line growth.”
The company has optimized and expanded cost savings across the company’s platform and said that through the end of the first quarter, it has saved $95 million and increased a $100 million goal of annualized cost savings.
“It has also saved $13 million from its recently launched $30 million cost optimization plan for our existing cannabis business,” Simon added.
He said the company also wants to make $40 million in revenue and interest payments from the strategic HEXO transaction.
“These initiatives, combined with our market share and revenue gains, should position Tilray Brands extraordinarily well for the future, allowing us to reconfirm our guidance of $70 – $80 million of adjusted EBITDA and be free cash flow positive.”