Tilray Brands Inc., headquartered in New York and listed on Nasdaq (TLRY) and TSX (TLRY), disclosed a financial loss of $222.4 million for the fiscal year ending May 31, 2024 despite reporting nearly $800 million in revenue.
The company’s strategy to diversify its operations has been somewhat effective, evidenced by the reduction in annual losses from $1.4 billion the previous year. However, Tilray still recorded a quarterly loss of $15.4 million, a decrease from $119.8 million in the same quarter last year.
The losses were largely attributed to non-cash expenses. Tilray highlighted a 26% increase in net revenue, reaching $788.9 million for the year, up from $627 million. The company also reported generating $6.6 million in free cash flow, a decrease from $19.1 million the previous year.
“Our financial achievements reflect the effective implementation of our diversification strategy initiated in 2020,” said CEO Irwin Simon. He also noted the strategic acquisitions of three companies: eight craft brands from Anheuser-Busch Companies LLC, HEXO Corp., and Truss Beverage Co., enhancing Tilray’s brand portfolio and market presence.
Significantly, revenue from alcoholic beverages exceeded that from cannabis in the fourth quarter, with alcohol bringing in $76.7 million versus $71.9 million from cannabis. Alcohol sales increased by 137%, while cannabis grew by 12%.
For the entire year, alcohol revenue soared by 113% to $202.1 million, compared to a 24% rise in cannabis revenue totaling $272.8 million.
The company also earned $259 million from distribution and $55.3 million from wellness products during the fiscal year.
“Tilray Brands is set to continue its influential role in merging the sectors of cannabis, beverages, and wellness worldwide,” added Simon.
Following the fiscal year-end, Tilray expanded into Europe with the acquisition of a cannabis cultivation license in Germany.
As of May 31, Tilray’s total assets stood at $4.2 billion, including $228.3 million in cash, against $778.4 million in total liabilities.
