![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Friday, July 29, 2022 1:50:08 PM
Home / Canada
Canadian cannabis company Tilray posts $434 million net loss for 2022
Bonno July 28, 2022
SHARE
Canadian cannabis and alcohol company Tilray Brands posted a $457.8 million net loss for its fourth quarter and a $434 million net loss for its 2022 fiscal year.
The quarterly and annual net loss includes a $395 million noncash impairment charge “primarily impacting inventory, goodwill and other intangible assets.”
Tilray reports its earnings in U.S. dollars.
On a Thursday conference call with analysts and investors, Tilray CEO Irwin Simon attributed the impairment charge to “both market conditions and the work that we have done to optimize our operations.”
Simon said the company now aims to generate up to $4 billion in revenue by the end of its 2024 fiscal year, “depending upon federal (cannabis) legalization in the U.S. and Germany.”
Tilray’s net revenue for the 2022 fiscal year was $628.4 million, representing growth of 22.5% over the previous fiscal year.
By the end of Tilray’s 2023 fiscal year, Simon said the company expects to be free cash-flow positive and achieve $100 million in cost savings following its megamerger with Aphria.
The company said it has already realized $85 million in cost synergies related to that merger.
In Europe, Tilray’s chief strategy officer and head of international, Denise Faltischek, said the company expects “to establish ourselves as a market leader to broadly legalize (the) adult-use cannabis market in Germany, and seize a sizable portion of that market.”
Faltischek said Tilray believes “all of Europe could legalize medical-use cannabis within the next two years or sooner, with certain countries legalizing adult-use shortly thereafter.”
Blair MacNeil, president of Tilray’s Canadian business, said the domestic cannabis market is challenging, “characterized by an oversupply of cannabis, unreasonable regulatory barriers, and punitive excise taxation exacerbated by price compression.”
MacNeil said Tilray’s Canadian adult-use market share declined from 10.2% to 8.3% in the previous quarter, citing “challenging industry conditions, (stock-keeping unit) rationalizations and discontinuation of partner brands.”
However, MacNeil said Tilray believes that trend will reverse as the result of improvements to its cannabis flower portfolio.
Tilray’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter were $11.5 million, a 13.9% increase over the previous quarter’s adjusted EBITDA.
Net revenue for the fourth quarter grew to $153.3 million, an increase of 0.9% over Tilray’s previous quarter.
The company’s annual net revenue of $628.4 million consisted of 38% cannabis revenue, 42% distribution revenue, 11% beverage alcohol revenue and 9% wellness revenue.
Recent TLRY News
- Tilray Brands Completes Acquisition of Craft Beer Brands and Breweries from Molson Coors Beverage Company • GlobeNewswire Inc. • 09/03/2024 02:33:24 PM
- High Volatility Expected in Nvidia Report, Ambarella Soars 20%, Hertz Strengthens Board, Apple Cuts Jobs • IH Market News • 08/28/2024 09:50:36 AM
- Breckenridge Brewery Announces Latest Concert Series With Kaleo, Hippo Campus and Cassandra Lewis • GlobeNewswire Inc. • 08/26/2024 11:00:00 AM
- Craft Cannabis Brand, Broken Coast, Launches Latest Artisanal Strain, ‘Milk & Cookies’ for Avid Indica Enthusiasts • GlobeNewswire Inc. • 08/22/2024 11:00:00 AM
- Solei Launches New THC Infused Sparkling Beverages and Topicals • GlobeNewswire Inc. • 08/15/2024 11:00:00 AM
- Shock Top and Gator Athletics Partner to Introduce First-Ever Craft Beer Sponsorship of the Florida Athletic Department • GlobeNewswire Inc. • 08/14/2024 11:00:00 AM
- UBS Beats Earnings Forecasts, Intel Divests Arm Holdings, Flutter Surges 9% in Premarket Trading, and More • IH Market News • 08/14/2024 09:56:35 AM
- Tilray Brands to Acquire Four Craft Beer Breweries from Molson Coors Beverage Company • GlobeNewswire Inc. • 08/13/2024 06:15:00 PM
- Breckenridge Distillery Partners with Denver Broncos Legends to Release Fourth Edition Broncos Country Bourbon Blends • GlobeNewswire Inc. • 08/08/2024 12:00:00 PM
- Move Over Pumpkin Spice, Shock Top Reclaims Autumn With the Return of Twisted Pretzel • GlobeNewswire Inc. • 08/08/2024 11:00:00 AM
- Breckenridge Brewery Opens New Location in Fort Collins, Colorado • GlobeNewswire Inc. • 08/05/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:08:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:35:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:34:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:34:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:34:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:33:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 10:32:28 PM
- Dually-Listed Cannabis Stock Sees Significant Premarket Buying Pressure • AllPennyStocks.com • 07/30/2024 02:25:00 PM
- F5 Shares Rise 15%; Diageo Falls 10% on Annual Sales Decline; BP Boosts Dividend and Buyback Program • IH Market News • 07/30/2024 10:03:59 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/29/2024 08:15:00 PM
- Tilray Brands Reports Record Financial Results, Achieves 26% Net Revenue Growth • GlobeNewswire Inc. • 07/29/2024 08:05:56 PM
- Tilray’s Aphria RX Receives Cannabis Trading License in Germany, Significantly Expanding Commercial Growth Opportunities • GlobeNewswire Inc. • 07/29/2024 11:00:00 AM
- U.S. Index Futures Climb Pre-Market as Tech Earnings, Fed Meeting Loom • IH Market News • 07/29/2024 10:25:38 AM
- Tilray Medical Granted Approval to Introduce Third Medical Cannabis Product in Portugal • GlobeNewswire Inc. • 07/24/2024 11:00:00 AM
Reliant Coffee Debuts at #271 on the Inc. 5000 List of Fastest Growing Companies - Coffee Service Industry Disruptor Brews Up Exponential Growth Sep 5, 2024 11:51 AM
VAYK Confirms Receiving Revenue from First Airbnb Property with 1.4 Million Annual Revenue Goal • VAYK • Sep 4, 2024 9:34 AM
Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt • MFL • Sep 4, 2024 9:02 AM
Integrated Ventures Acquires 51% Stake In GetTrim.Com (TM), Telemedicine Platform With Focus On Expansion Into Booming GLP-1 Powered Weight Loss Market • INTV • Sep 4, 2024 8:45 AM
Avant Technologies Announces Strategic Review Process Intended to Maximize Shareholder Value • AVAI • Sep 4, 2024 8:00 AM
PickleJar Launches National "Get on the Bus" Campaign, Unveils Thompson Square Tour Bus Wrap • PKLE • Sep 4, 2024 7:17 AM