Tilray Brands, a global lifestyle and consumer products company, has reported its annual financial performance for the fiscal year ended May 31, 2024. The company's net revenue increased by 26% year-over-year to $788.9 million, driven by growth across its beverage alcohol, cannabis, and wellness segments. Gross profit saw a significant rise of 52% to $223.4 million, with a gross margin improvement from 23% to 28%. Operating expenses decreased dramatically by 74% to $398.1 million, primarily due to the absence of non-cash impairments that were present in the previous year. Adjusted EBITDA also saw a modest increase to $60.5 million. In terms of business development, Tilray has expanded its portfolio with strategic acquisitions, including HEXO and a beverage alcohol business portfolio, which contributed to the company's revenue...Show More

Tilray Brands, a global lifestyle and consumer products company, has reported its annual financial performance for the fiscal year ended May 31, 2024. The company's net revenue increased by 26% year-over-year to $788.9 million, driven by growth across its beverage alcohol, cannabis, and wellness segments. Gross profit saw a significant rise of 52% to $223.4 million, with a gross margin improvement from 23% to 28%. Operating expenses decreased dramatically by 74% to $398.1 million, primarily due to the absence of non-cash impairments that were present in the previous year. Adjusted EBITDA also saw a modest increase to $60.5 million. In terms of business development, Tilray has expanded its portfolio with strategic acquisitions, including HEXO and a beverage alcohol business portfolio, which contributed to the company's revenue growth. The company has also focused on innovation, launching new products in the beverage alcohol segment and expanding into non-alcoholic and functional beverages.Looking ahead, Tilray plans to continue leveraging its brand portfolio and infrastructure to drive revenue growth and achieve industry-leading profitability. The company aims to build sustainable, long-term shareholder value through strategic initiatives, including potential acquisitions and market expansion. Tilray's management remains focused on managing costs and expenses to maintain a strong financial position while pursuing growth opportunities in the cannabis, beverage, wellness, and entertainment sectors.