Tilray reported the financial results for the second quarter of its fiscal year 2024 ended November 30, 2023, with a loss of US$46.2 million.

The company reported record net revenue of US$194 million, an increase of 34% in the second quarter compared to US$144 million in the prior year quarter.

Cannabis net revenue increased 35% to US$67 million in the second quarter compared to $50 million in the prior quarter. The gross margin for cannabis was 31% compared to 43% in the second quarter of the previous year. 

Net revenue from Tilray’s alcohol sales increased 117% to US$47 million in the second quarter.

Tilray says it leads the Canadian cannabis market in revenue, sales volume, and market share with a 12.5% position during its second quarter, leading sales in cannabis flower, oils, concentrates, and THC beverages, buoyed by its acquisition of HEXO Corp. and Truss Beverage.

Tilray also says it is continuing to focus on expanding its distribution of medical cannabis into various international markets. It also hopes that it can expand its distribution of cannabis products into the US, pending any future changes to the country’s federal cannabis laws, especially by utilizing Tilray’s investment in the US brand Med Men. 

Net revenue from cannabis sales for the six months ended November 30, 2022, was US$108.5 million, while adjusted gross profit was US$51 million.

For the three months ending November 30, 2022, net revenue on cannabis products sold was US$50 million, with an adjusted gross profit of US$21 million.

For the three months ended November 30, 2023, net cannabis revenue was US$67 million, with an adjusted gross profit of US$24 million.

Revenue from Canadian medical cannabis during this time period was US$6.4 million. Revenue from Canadian adult-use cannabis was US$73 million. Revenue from wholesale cannabis was US$4.3 million, and revenue from international cannabis was US$11.4 million, for a total of US$67.4 million, after some US$27.8 million in taxes.

Revenue from Canadian medical cannabis sales remained relatively the same as in the same reporting period from the previous year, while revenue from Canadian adult-use cannabis, wholesale cannabis, and international cannabis sales increased significantly.

Featured image via Tilray.com