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December 01, 2022

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Tilray (TLRY.T) slips to $434.13 million USD in net losses during fiscal 2022

Tilray (TLRY.T) slips to $434.13 million USD in net losses during fiscal 2022

Tilray Brands (TLRY.T), a Canadian-based cannabis lifestyle and consumer goods company, reported it had a net loss of $434.13 million USD in Q4 2022 compared to a net income of $33.6 million in the prior quarter.

The considerable increase is attributed to a non-cash impairment totaling $395 million primarily impacting inventory, goodwill and other intangible assets. The impact was related to changes in market opportunities as well as global financial conditions including rate increases and lower foreign exchange rates.

Net revenue for the period grew 8% to $153.3 million compared to $142.2 million for the same quarter in fiscal 2021.

Year end net revenue came in at $628.4 million, an increase of 22% from the $513.1 million reported in fiscal 2021.

Tilray had cash and cash equivalents of $415.9 million at the end of fiscal 2022 with an adjusted EBITDA of $48.0 million, a 17.8% increase from $40.8 million reported in the previous twelve-month period.

The company also reported a total of $85.0 million in cost synergies following the Aphria transaction, which exceeded expectations of $80.0 million. The synergies were attributed to the consolidation of key cultivation and production areas, cannabis and product purchasing, sales and marketing as well as corporate expenses.

With the additional $80.0 million of shared cost savings, synergies, and cost benefits over the next 24 months due to the HEXO transaction, execs expect Tilray will be free cash flow positive in its business units in fiscal 2023.

Tilray had an active year across its global market with operational highlights including the establishment of a majority position in the amended MedMen convertible notes, launching a new medical cannabis brand, Symbios, into the Canadian market and its wholly owned subsidiary, Aphria RX GmbH competing its first harvest and delivery of medical cannabis grown in Germany.

The company hosted a webcast this morning to discuss its year end 2022 financial results. The webcast will be archived on the site shortly.

Tilray Brands’ production platform now supports more than 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

In other news, the company announced earlier this month that it had launched a cannabis education platform called “WeCareMedicalCannabis” in Germany, France, the UK and Portugal.

The program provides resources and education to healthcare practitioners and patients on the uses and benefits of medical cannabis.

Tilray currently trades at $4.54 CAD per share for a market cap of $1.14 billion. Tilray Brands Stock Chart YTD 07-28-22

–Gaalen Engen

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