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May 31, 2021
Tilray Q4 2021 Earnings Report
Tilray's Q4 2021 performance was marked by a 25% increase in net revenue, driven by cannabis revenue growth and strategic acquisitions, alongside a significant improvement in net income and adjusted EBITDA.
Key Takeaways
Tilray reported a 25% increase in net revenue to $142.2 million for the fourth quarter of fiscal year 2021, driven by a 36% increase in cannabis revenue and contributions from beverage alcohol and wellness segments. The company achieved a net income of $33.6 million, a significant improvement from the prior year's net loss, and adjusted EBITDA increased by 285% to $12.3 million. Tilray also reported positive free cash flow of $3.3 million and has achieved $35 million in synergies from the business combination with Aphria.
Net revenue increased by 25% to $142.2 million, driven by growth in cannabis, beverage alcohol, and wellness segments.
Net income was $33.6 million, a significant improvement compared to the prior year's net loss of $84.3 million.
Adjusted EBITDA increased by 285% to $12.3 million, marking the ninth consecutive quarter of positive adjusted EBITDA.
Free cash flow was $3.3 million, compared to ($28.3) million in the prior year quarter.
Revenue by Segment
Forward Guidance
The Company expects to deliver significant cost synergies totaling approximately $80 million within eighteen months of closing the Aphria Tilray business combination and plans to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales, and marketing, and corporate expenses. To date, the Company has achieved $35 million in synergies.
Positive Outlook
- Tilray has been gaining market share nationally in Canada month-over-month since April 2021.
- SweetWater Brewing Company, launched of 420 Imperial IPA, the first line extension off of its flagship 420 brand.
- SweetWater Brewing Company announced its West Coast expansion including a new Colorado Brewery and the opening of SweetWater Mountain Taphouse at Denver International Airport.
- Tilray announced the completion and shipment of the first successful EU GMP-certified medical cannabis harvest grown in Germany for German distribution.
- Tilray announced the first cross-brand product collaboration between Canadian craft-cannabis brand Broken Coast and SweetWater to launch U.S. distribution of “Broken Coast BC Lager” and introduce the cannabis brand to consumers across the country.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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