Summary by Moomoo AI
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