Record Cannabis Gross Margin
Tilray achieved its highest cannabis gross margin in almost two years, increasing by eight hundred basis points year over year to reach 41%.
Significant International Growth
Quarter over quarter and year over year revenue growth was seen in several international markets including Germany, Italy, Luxembourg, and Portugal. Medical cannabis sales in Germany grew significantly with flower sales increasing by 79% post-legalization.
Project 420 Cost Savings
Tilray increased its Project 420 cost savings target to $33 million, achieving $20.6 million on an annualized basis.
Beverage Segment Performance
Tilray Beverages generated $55.9 million in net revenue with an increased gross margin to 36% compared to 34% in the prior year quarter.
Strong Balance Sheet
Tilray reduced its net debt position to approximately $50 million, with cash and marketable securities totaling $248 million.