Tilray Brands Reports Record Financial Results, Achieves 26% Net Revenue Growth
NEW YORK, LEAMINGTON, Ontario, and NEÜMUNSTER, Germany – Tilray Brands, Inc. has announced its impressive financial results for the fourth quarter and fiscal year ending May 31, 2024. The company, recognized for its innovation in the lifestyle consumer packaged goods sector, has reported a remarkable 26% increase in net revenue, reaching $789 million for the fiscal year.
Irwin D. Simon, the Chairman and Chief Executive Officer of Tilray Brands, highlighted the company’s strategic positioning within the cannabis, beverage, and wellness industries. He stated, “Tilray Brands is leading the convergence of cannabis, beverages, and wellness on a global scale. Our growth in Fiscal 2024 has been driven by our diversification strategy, which we initiated in 2020, and the dedicated efforts of our team. We are proud to report record-breaking performance in gross profit and adjusted EBITDA, alongside a significant reduction in our net convertible debt by approximately $300 million. This has significantly bolstered our balance sheet and operational capacity.”
The financial results for the fourth quarter of Fiscal 2024 indicate a strong upward trend, with net revenue increasing by 25% to $229.9 million, compared to $184.2 million in the same quarter of the previous year. Gross profit for the quarter stood at $82.4 million, up from $67.2 million year-over-year, with both gross margin and adjusted gross margin at a solid 36%.
In a significant development, Tilray Brands has successfully completed three strategic acquisitions: the eight renowned craft brands from Anheuser-Busch Companies, LLC, HEXO Corp., and Truss Beverage Co. These moves are aimed at fortifying Tilray’s portfolio, enhancing operational efficiency, and establishing the company as a formidable player across various industries and geographical regions.
In the U.S. market, Tilray Beverages has emerged as the fifth largest craft brewer, while Tilray Wellness has claimed its position as the leader in hemp products. In Canada, Tilray Cannabis dominates the recreational cannabis market, holding the number one market share, and in Europe, the company leads the medical cannabis sector.
The beverage-alcohol segment has also shown remarkable growth, with net revenue soaring 137% to $76.7 million in the fourth quarter, compared to $32.4 million in the prior year quarter. This growth reflects the successful integration of the acquired brands and the increasing consumer demand for innovative beverage options.
Tilray Brands has established itself as a leader in the convergence of cannabis, beverages, and wellness, with a strategic focus on expanding its product offerings and market reach. The company’s ongoing commitment to innovation and quality positions it well for continued growth and disruption within the consumer packaged goods industry.
As Tilray Brands moves forward, the company is expected to leverage its diverse portfolio and strong market presence to capitalize on emerging trends and consumer preferences, reinforcing its status as a key player in the global marketplace.
