Shares of Tilray (NASDAQ:TLRY) (TSE:TLRY) rose in the early session today after the cannabis-based products provider delivered record revenue of $194 million for the second quarter. This was a 34% year-over-year jump in the company’s top line. Further, adjusted EPS of $0.00 came in better than expectations by $0.05.
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During the quarter, gross profit increased by 11% to $47 million. While Cannabis net revenue increased by 35%, Beverage Alcohol net revenue jumped by 117%. Additionally, the company’s Distribution net revenue ticked higher by 12%. These gains helped Tilray narrow its net loss to $46 million from $62 million in the year-ago period.
Additionally, Tilray has pared down its convertible debt by a total of $145 million since the end of the first quarter. It also had a robust cash balance of $261 million at the end of Q2. For Fiscal Year 2024, Tilray expects to generate $68 million to $78 million in adjusted EBITDA. Further, it expects to generate positive adjusted free cash flow for the year. Impressively, Tilray is the market leader in the cannabis market in Canada and the fifth-largest craft beer brewer in the U.S.
What is the Price Target for TLRY?
While analyst coverage on Tilray remains scant at present, the company’s share price has jumped by over 23% during the past month. Still, the stock remains over 97% lower over the past five years.
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