Tilray Brands stock drops as it reports wider-than-expected loss and misses on revenue
By Steve Gelsi
Tilray Brands Inc.'s stock fell 20% on Tuesday after the cannabis company reported a wider-than-expected loss in its fiscal third quarter, while revenue fell short of analyst estimates.
Tilray (TLRY) said its loss narrowed to $104.98 million, or 12 cents a share, from a loss of $1.2 billion or $1.90 a share, in the year-ago quarter.
The FactSet consensus estimate was for a loss of 5 cents a share.
Revenue rose to $188.34 million from $145.59 million in the year-ago quarter, and missed the estimate of $198.3 million.
Among the highlights in the quarter, the company said beverage-alcohol net revenue rose by 165% over the year-ago quarter.
Tilray said it ranks as the fifth largest craft beer brewer in the U.S. with 4.5% market share in the category.
The company's cannabis net revenue rose by 33% as it maintained No. 1 market share in Canada and Germany.
Tilray said its U.S. cannabis strategy is "in place to strike" if the U.S. reforms its drug policy.
Prior to Tuesday's trades, Tilray's stock was up by 19.2% in the past month amid optimism around U.S. rescheduling of cannabis and decriminalization of pot in Germany.
Also read: Aurora leads Canadian cannabis stocks higher after pot trade group beefs up ranks with industry exec
Also read: Cannabis stocks extend gains after Biden White House shows support of marijuana reforms
-Steve Gelsi
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04-09-24 1441ET
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