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Tilray reports year-over-year increase in revenue, decrease in losses in Q4 2024

July 29, 2024 | Sarah Clark

In its newest quarterly report covering the three months ending May 31, 2024, Tilray reports a net revenue of $229.9 million and gross profit of almost $82.4 million. All figures are in US dollars.

Although these were both increases from the same quarter in 2023, the company still reported a nearly $15.4 million loss. The company reports paying more than $22 million in federal excise taxes in the most recent quarter, a cost it says is eating into their profit margins, representing 31% of total revenue.

Tilray’s beverage alcohol business generated the highest revenue, at $76.7 million, followed by its cannabis business at $72 million. Its distribution business brought in another $65.6 million, while its wellness business brought in $15.7 million.

Revenue from Canadian medical cannabis in the most recent quarter was $6.4 million, while revenue from Canadian adult-use cannabis was $61.5 million. Tilray brought in just under $13 million in revenue from wholesale cannabis sales and $13.1 in international cannabis sales.

“Tilray Brands also successfully completed three acquisitions,” says Irwin D. Simon, Chairman and CEO, “the eight iconic craft brands from Anheuser-Busch Companies, LLC., HEXO Corp., and Truss Beverage Co.

“These acquisitions were strategic in fortifying Tilray’s house of brands, strengthening our operations, and positioning the Company as a leader across several industries and regions. In the U.S., Tilray Beverages is the fifth largest craft brewer and Tilray Wellness is the leader in hemp products. In Canada, Tilray Cannabis holds the number one recreational cannabis market share, while in Europe, it is the market leader in medical cannabis. Leading the convergence of cannabis, beverages, and wellness, Tilray Brands is poised to continue to disrupt the CPG industry globally.”

Tilray recently announced they received a cannabis production licence in Germany, expanding the number of cultivars they can grow at their Aphria RX facility in Neumünster. The facility gives Tilray the ability to serve not only Germany’s medical cannabis market but also other nearby future and emerging cannabis markets in Europe.