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Nov 30, 2023
Tilray Q2 2024 Earnings Report
Tilray reported record Q2 net revenue, driven by growth in cannabis and beverage alcohol segments.
Key Takeaways
Tilray Brands reported a record Q2 fiscal year 2024 net revenue of $194 million, a 34% increase over the prior year period. The company is reiterating its adjusted EBITDA target of $68 million to $78 million for fiscal year 2024 and continues to expect to generate positive adjusted free cash flow.
Tilray Brands achieved record Q2 net revenue of $194 million, a 34% increase over the prior year period.
The company maintained its #1 market share in Canada with 31% growth in Canadian cannabis net revenue.
Tilray is the medical cannabis leader in Europe, experiencing 55% growth in international cannabis net revenue.
The company's beverage alcohol net revenue increased by 117% over the prior year period, positioning it to become a top 12 beverage-alcohol company.
Forward Guidance
The Company is reiterating its adjusted EBITDA target of $68 million to $78 million, representing growth of 11% to 27% as compared to fiscal year 2023. In addition, the Company continues to expect to generate positive adjusted free cash flow.
Positive Outlook
- Reiterating adjusted EBITDA target of $68 million to $78 million.
- Expecting to generate positive adjusted free cash flow.
- On track to achieve $30-$35 million in annual savings related to Integration of HEXO Acquisition
- Tilray Brands is a major force at the forefront of innovation, disrupting the global CPG industry across medical and adult-use cannabis, wellness foods and snacks, and craft beverages.
- Tilray Brands’ position as the #1 cannabis operation and brand portfolio in Canada by sales volume and market share, the European market leader in medical cannabis, and the leader in branded hemp products.
Challenges Ahead
- Management’s guidance for adjusted EBITDA is provided on a non-GAAP basis and excludes transaction expenses, restructuring charges, litigation costs, facility start-up and closure costs, purchase price accounting step-up, changes in fair value of contingent consideration and other items carried at fair value, non-operating income (expenses), and other non-recurring items that may be incurred during the Company's fiscal year 2024
Historical Earnings Impact
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