Tilray Brands Shares Surge Over 21% on Revenue Beat

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Tilray Brands Shares Surge Over 21% on Revenue Beat

marketwatch2023-07-26

Shares of Tilray Brands surged Wednesday after the company's revenue rose sharply and topped analysts' estimates.

The stock was up over 21% in morning trading. Shares are down 25% so far this year.

The cannabis and consumer packaged goods company reported a loss of $120 million, or 15 cents a share, in the quarter ended May 31, compared with a loss of $458 million, or 99 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of four cents.

The company's revenue rose 20% to $184 million, beating the $154 million forecast by analysts polled by FactSet.

Tilray said it expects its adjusted earnings before interest, taxes, depreciation and amortization to grow 11% to 27% in the next fiscal year, with positive adjusted free cash flow.

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