Tilray Brands sees revenues rise; boosted by alcoholic beverage sales

LEAMINGTON, ONT. — Cannabis and beverage company Tilray Brands, Inc. says it lost US$15.4 million in its fiscal fourth quarter, a US$104.4-million improvement from a year earlier when it lost US$119.8 million in the same period.

The company, which has headquarters in New York and Leamington, Ont., says its net loss for the three months ended May 31, 2024 works out to four cents per share, compared to 15 cents per share in the prior year’s quarter.

Tilray says its revenue for the quarter was US$229.9 million, up from US$184.2 million in the fourth quarter of 2023.

Its revenue in the alcoholic beverage category increased 137 per cent in the quarter to US$76.6 million, from US$32.4 million in the prior year’s quarter.

Tilray has been working to diversity and expand its alcoholic beverage portfolio.

In October 2023, Tilray completed the acquisition of eight craft beer and beverage brands from Anheuser-Busch Companies, a deal that Tilray says has helped boost its revenues in this category.

This report by The Canadian Press was first published July 29, 2024.

Companies in this story: (TSX:TLRY)

The Canadian Press