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Tilray Third qrt results

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Tilray Brands, Inc. Reports Third Quarter Fiscal Year 2022 Financial Results
7:00 AM ET 4/6/22 | GlobeNewswire

Tilray Brands, Inc. Reports Third Quarter Fiscal Year 2022 Financial Results

   -- Profitable Quarter Includes Net Income of $52.5 Million and Adjusted 
      EBITDA of $10.1 Million; 12th Consecutive Quarter of Positive Adjusted 
   -- Net Revenue Increased 23% to $152 Million; Gross Profit Increased 31% to 
      $39.8 Million from the Prior Year Quarter 
   -- Medical Market Share Leader in Europe and #1 Leadership Position in 
      Germany with Revenue Growth of Over 4,000% 
   -- Maintained #1 Leading Marketing Share in Canada 
   -- Achieved $76 Million in Cost Synergies to Date; On-Track to Exceed 
      Original Plan of $80 Million Ahead of Schedule and to Generate Additional 
      $20 Million of Synergies in Fiscal 2023 

LEAMINGTON, Ontario and NEW YORK, April 06, 2022 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. ("Tilray" or the "Company") (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported financial results for the third fiscal quarter ended February 28, 2022. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Irwin D. Simon, Tilray's Chairman and Chief Executive Officer, stated, "Our third quarter results reflect progress and momentum across all of our key business segments and geographies, setting the stage to achieve our target for $4B in revenue by the end of fiscal 2024. Tilray Medical -- which now operates under a cohesive strategy and mission -- has a near 20% share in Germany, providing clear benefits in its own right as well as a first-mover advantage that we will leverage as Germany and the EU move towards broader adult-use and medical use legalization. In Canada, we maintained our leading market share position amid intense competition -- and believe that our strong capital position, operational excellence and pricing and marketing adjustments will work in concert to help ensure we reclaim share in the coming quarters. This effort will gain further support from the fundamental appeal of our brands and product innovation which, as stores continue re-opening, will resonate powerfully with consumers. In the U.S., our SweetWater Brewing, Breckenridge Distillery, and Manitoba Harvest businesses are profitable, growing and emerging as nationwide, iconic brands with loyal followings that will be home to THC-based products upon U.S. federal legalization."

Mr. Simon continued, "We also continued sourcing and executing strategic and shareholder-friendly transactions that provide value with notable upside. Our most recent example is the proposed agreement to purchase the HEXO senior secured convertible notes, which provides a path for meaningful future equity ownership of HEXO as it executes on its transformation. The proposed HEXO transaction is also expected to facilitate complementary commercial and product innovation and drive production and operating efficiencies. As the global economy re-opens, we are confident that the global cannabis powerhouse at the heart of the Tilray Brands' value proposition will deliver sustained and tangible shareholder value."

Financial Highlights -- Third Quarter Fiscal 2022

   -- Net revenue increased 23% to $152 million during the third quarter from 
      $124 million in the prior year quarter. The increase was driven by 32% 
      growth in cannabis revenue to $55 million, 64% growth in beverage alcohol 
      revenue of $20 million and wellness revenue of $15 million. 
   -- Gross profit increased 31% to $40 million from $30 million in the prior 
      year quarter. Gross margin increased to 26% from 25% in the prior year 
   -- Significant growth in international cannabis with revenue up over 4,000% 
      from the prior year quarter, and 37% increase in revenue in EMEA when 
      compared to the previous quarter 
   -- Maintained #1 leadership position in Canada1 with 10.2% cannabis market 
      share driven by Tilray's comprehensive portfolio of adult-use brands, and 
      growth in pre-roll and vape product categories. 
   -- Cost synergies from Aphria-Tilray combination of $76 million achieved on 
      a run-rate basis to date. Expect to reach $80 million synergy target by 
      May 31, 2022, five months ahead of schedule and to generate an additional 
      $20 million in synergies in fiscal 2023. 
   -- Distribution revenue decreased 11% to $63 million during the third 
      quarter from $70 million in the prior year quarter. The decrease was 
      driven by the impact of changes in the exchange rate between the Euro and 
      USD, which led to a $7 million reduction. 

(1) Based on Hifyre retail data.

Strategic Growth Actions

   -- On April 6, 2022 -- Manitoba Harvest announced an exclusive partnership 
      with Whole Foods Market launching the brand's Hemp+ Matcha and 
      Supergreens powders exclusively at Whole Foods across North America. 
   -- On April 5, 2022 -- The Brewers Association announced that SweetWater 
      Brewing Co. is now the 10th largest craft brewer in the U.S. 
   -- On April 5, 2022 -- Tilray Brands announced the launch of Solei Bites, 
      the first THC edible available in Quebec, the 2nd largest market in 
   -- On March 24, 2022 -- Solei, Tilray Brands' best-selling Canadian wellness 
      brand, announced the launch of Renew Moonlight, CBN vape pen for 
      nighttime use. 
   -- On March 17, 2022 -- Tilray Medical launched the first medical cannabis 
      oil products in Malta. 
   -- On March 8, 2022 -- Good Supply, Tilray Brands' best-selling Canadian 
      cannabis brand, announced the launch of Hash Bats, its new fastest 
      growing infused pre-rolls. 
   -- On March 3, 2022 -- Tilray Brands announced a proposed strategic alliance 
      with Hexo Corp. to bring together Canada's top two cannabis market share 
      leaders to strengthen operational efficiencies and product innovation to 
      benefit consumers, shareholders, and the cannabis industry. 
   -- On March 2, 2022 -- Manitoba Harvest announced its new lineup of 
      superfood products. 
   -- On February 22, 2022 -- SweetWater Brewing Company launched across Oregon 
      and Washington, marking the brand's expansion into their 39th and 40th 
   -- On February 17, 2022 -- Tilray Medical announced its first shipment of 
      medical cannabis products to Malta. 
   -- On February 10, 2022 -- Breckenridge Distillery launched its second 
      (sold-out) series of 'Super' Sexy Motor Oil, a limited-edition Bourbon 
      aged in beer barrels for over a year. 
   -- On February 9, 2022 -- SweetWater Brewing Company announced its West 
      Coast expansion into California and a partnership with the largest beer 
      distributor in the U.S. 
   -- On February 8, 2022 -- Tilray Brands launched Tilray Medical, a new 
      comprehensive global division focused on international medical cannabis 
      advocacy and a portfolio of EU GMP-certified medical brands and products. 
   -- On January 25, 2022 -- Tilray Brands announced an expanded medical 
      cannabis product offering in Australia and the launch of a new online 
      medical cannabis education platform for healthcare professionals in 
      Australia and New Zealand. 
   -- On January 20, 2022 -- Manitoba Harvest introduced new hemp recipes 
      compatible with Vegan, Keto, Paleo, and Gluten-Free Diets. 
   -- On January 10, 2022 -- Tilray announced a new parent name, Tilray Brands, 
      Inc., reflecting the Company's evolution from a Canadian LP to a global 
      consumer packaged goods company powerhouse with a market leading 
      portfolio of cannabis lifestyle and CPG brands. 
   -- On December 21, 2021 -- SweetWater Brewing Company acquired award-winning 
      craft-beer brands, Alpine Beer and Green Flash Brewing. 
   -- On December 8, 2021, Tilray acquired Breckenridge Distillery, 
      strengthening its strategic position in the U.S. 
   -- On December 2, 2021, Manitoba Harvest introduced Hemp Hearts health hacks 
      for the holidays. 

Growth and High Potential Across Key Markets

#1 Market Leading Position in Germany and Poised to Accelerate Strategic Growth Initiatives Upon Adult-Use Legalization -- Today, Germany remains the largest medical cannabis market in Europe and is expected to also be one of the largest adult use markets as well upon legalization. We are already the leader in medical cannabis within Germany with a market share of approximately 20% with our whole flower, extracts and Dronabinol products and, this, together with our investments in infrastructure, brands and people, positions us exceptionally well for adult-use cannabis legalization.

Strategic Expansion Across the EU -- Tilray Brands' success across the EU, a powerful growth market worth potentially $1 billion for the Company, is backed by its two state-of-the-art cultivation facilities in Portugal and Germany that provide EU GMP certified pharmaceutical-grade medical cannabis across the region. This unparalleled production capability coupled with Tilray Brands' sales arrangements through major distribution channels in Germany, the UK, and other key markets, coupled with the strong relationships with local governments and the trust of our patients, gives Tilray Brands the ability to drive accelerated growth.

D. H. Taylor
Noble Member Admin
Joined: 2 years ago
Posts: 940

This is an important move and an important stock.  Tilray is very popular.  If companies like TLRY Stock start moving upward this will draw in a lot of investors from the attention.  Really nice improvements in metrics.


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