Tilray Brands, Inc. TLRY TLRY net revenue grew 8% to $153.3 million during the fourth quarter 2022, from $142.2 million in the prior year quarter. On a constant currency basis, net revenue increased 14.5%.
Financial Highlights - 2022 Fiscal Q4
Net loss of $457.8 million during the fourth quarter compared to net income of $33.6 million in the prior year quarter.
Adjusted EBITDA of $11.5 million, marking the company’s 13th consecutive quarter of positive adjusted EBITDA.
Gross profit was a loss of $6.73 million compared to a gross profit of $22.49 million in the same quarter of 2021, an unfavorable decrease of 129%.
Financial Highlights- 2022 Fiscal Year
Net revenue increased 22% to $628.4 million during fiscal 2022 from $513.1 million in the prior fiscal year. The increase was driven by 17.9% growth in cannabis net revenue to $237.5 million, a 150.0% increase in beverage alcohol net revenue of $71.5 million, and a 928.8% increase in wellness net revenue to $59.6 million. On a constant currency basis, net revenue increased by 29%.
Net loss of $434 million in fiscal 2022 includes the non-cash impairment of $395.0 million in the fourth quarter.
Adjusted EBITDA increased 17.8% to $48.0 million in fiscal year 2022 from $40.8 million in the prior fiscal year.
Ended the year with a strong balance sheet and liquidity, including cash and cash equivalents of $415.9 million.
Gross profit was $116,81 million compared to gross profit of $123.18 million in 2021, an unfavorable decrease of 5%.
Cost-Saving Synergies and Strengthened Balance Sheet
Since the closing of the Tilray-Aphria transaction, the company has delivered $85 million in cost synergies, exceeding its original target of delivering $80 million of cost savings by the end of fiscal year 2023. These synergies are due to consolidation in key areas of cultivation and production, cannabis and product purchasing, sales and marketing, and corporate expenses. The company has subsequently identified an additional $20 million of savings, and now expects to deliver a total of $100 million in cost synergies from the transaction by the end of fiscal year 2023.
Further, with the benefit of an additional $80 million of shared cost savings, synergies and financial benefits over the next two years associated with the HEXO HEXO transaction, management expects that Tilray Brands will be free cash flow positive in its business units in fiscal year 2023.
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