Stock Surges after Cannabis Company Improve Bottom Line
MARIJUANA
Tilray stock surges after cannabis company improves bottom line
PUBLISHED WED, JUL 26 202311:11 AM EDT
Stefan Sykes
@THESTEFANSYKES
KEY POINTS
Cannabis company Tilray Brands’ stock is up after it reported a narrower fourth-quarter loss than the year-ago period.
Revenue increased a record 20% to $184.2 million, up from $153.3 million in the prior-year quarter and above analysts’ expectations.
While a Canadian company, Tilray has been positioning itself to be a leader in the U.S. adult-use cannabis market.
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spiked Wednesday after the Canadian cannabis producer reported a narrower loss for its fiscal fourth quarter than a year ago and a solid revenue beat.
The stock opened nearly 20% higher Wednesday at just under $2 per share.
While a Canadian company, Tilray has been positioning itself to be a leader in the U.S. adult-use cannabis market, but its plans have been hindered by the lack of major action on banking reform and federal legalization.
Tilray said its net loss for the three months ended May 31 was $119.8 million, or 15 cents a share, an improvement from the year-ago period when it lost $457.8 million, or 99 cents a share. Analysts polled by Refinitiv, however, expected a loss per share of just 5 cents per share.
Meanwhile, revenue increased a record 20% to $184.2 million in the period, up from $153.3 million in the prior-year quarter. That came in above analysts’ expectations of $154 million, according to Refinitiv.
