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Tilray Brands Inc. (TLRY+0.42%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports net revenue of $210.95 million for the quarter, an increase from $193.77 million in the same quarter the previous year. The growth was primarily driven by recent acquisitions in the beverage segment.
Net loss for the quarter was $85.28 million, compared to a net loss of $46.18 million in the previous year. The increase in net loss is attributed to higher operating expenses and non-operating losses.
The company's beverage segment reported net revenue of $63.08 million, up from $46.51 million in the previous year, driven by recent acquisitions. However, the cannabis segment saw a decrease in net revenue to $65.65 million from $67.11 million.
Operating expenses increased to $103.44 million from $89.17 million in the previous year, due to higher general and administrative costs, and restructuring charges.
Tilray's adjusted EBITDA for the quarter was $9.02 million, down from $10.09 million in the previous year. The decrease was due to increased costs associated with integrating recent acquisitions.
Cash and marketable securities at the end of the period were $252.25 million, compared to $259.79 million at the end of the same quarter last year.
The company continues to focus on its beverage strategy, as evidenced by recent acquisitions, and aims to optimize its operations and cost structure to improve profitability.
Tilray's management highlighted ongoing challenges in the cannabis market, including price compression and regulatory uncertainties, which continue to impact the company's performance.
The report also discusses various legal proceedings and risks, including potential impairments and the impact of regulatory changes on the company's operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tilray Brands Inc. quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.