Cannabis company Tilray (NASDAQ: TLRY) has announced financial results for the first quarter of 2023, reporting a wider net loss and a 9% decrease in revenues.
The company reported a net loss of $65.8 million or $0.13 per share for the three months ended August 2022, compared to a loss of $34.6 million or $0.08 per share in the prior-year period. Cannabis Gross Margin Increased to 51% from 43% last year.
The bottom line was negatively impacted by a 9% decline in revenues to $153.2 million. At $13.5 million, adjusted EBITDA was the second highest in the company’s history and increased 7% annually. It marked the 14th consecutive quarter of positive adjusted EBITDA.
Read management/analysts’ comments on quarterly results
“Tilray Brands’ top and bottom-line results during the first quarter reflect successful realignment of the business to maximize revenue and market share gains across core business segments and geographies. Most notably, we are now the leader in net cannabis revenue worldwide, highlighted by medical cannabis leadership globally and adult-use cannabis market share primacy in Canada,” said Tilray’s CEO Irwin Simon.