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Tilray Brands, Inc. (Nasdaq: TLRY)(TSX: TLRY) reported financial results for its first quarter ending August 31, 2024. Revenue increased 13% to $200 million versus $177 million in the prior year quarter. However, this was a substantial drop from the fourth quarter revenue of $229.9 million and it also missed the Yahoo Finance average analyst estimates for revenue of $219 million.

On a positive note, the net loss improved by 38% to $(34.7) million in the first quarter compared to $(55.9) million in the prior year quarter. The net loss per share improved to $(0.04) in the first quarter versus last year’s $(0.10) for the same period. This was in line with the average analyst estimates according to Yahoo Finance.

Chairman and CEO Irwin D. Simon said, “Our investments in the cannabis, wellness, beverage, and distribution industries are focused on shaping the future and staying ahead of the curve. We are dedicated to executing our strategic plan to increase revenue, drive operational efficiencies, and improve margins and profitability while investing in our continued growth.”

Drilling down

While Tilray focused on comparing the revenue results to the prior year, it’s worth looking at the sequential drop in business.

• Distribution sales, which are 34% of the company’s business, grew to $68.0 million versus the fourth quarter’s sales of $65.6 million
• Cannabis sales, which are 31% of the company’s business, fell to $61.2 million versus the fourth quarter’s sales of $71.9 million
• Beverage sales, which are 28% of the company’s business, fell to $55.9 million versus the fourth quarter’s sales of $76.7 million
• Wellness business, which is 7% of the company’s business, was $14..7 million versus the fourth quarter’s sales of $15.7 million

Despite the flowery language and lack of detail, Tilray missed several guideposts for analysts. The company did report a gross profit of $59.7 million, which was a 35% improvement over last year, but missed the median estimate for gross profit of $64 million. It was the same situation for EBITDA, which came in at $9.3 million and was estimated to be $11.9 million.

Mr. Simon, continued, “We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization. We are optimistic about the future of the cannabis industry and look forward to the potential opportunities that lie ahead.

Investors seemed less optimistic as the stock was trading slightly lower in pre-market trading and was lately selling at roughly $1.62 a share near its 52-week lows of $1.50.