Tilray swings to loss on impairment charge but revenue beats analyst target

Tilray Brands Inc.
TLRY,
+6.44%
shares fell 1.5% in premarket trades Thursday after the cannabis company said it swung to a fourth-quarter loss of $457.8 million, or 90 cents a share, from net income of $33.6 million, or 38 cents a share, in the year-ago quarter. The loss in the latest quarter includes a non-cash impairment of $395 million primarily impacting inventory, goodwill and other intangible assets, related to “changes in market opportunities causing a shift in our strategic priorities” as well as higher rates of borrowing and lower foreign exchange rates. Tilray’s revenue increased to $153.33 million from $142.24 million. Wall Street analysts expected Tilray to lose 8 cents a share on revenue of $151.3 million.