Tilray Inc (NASDAQ: TLRY) on Monday said its revenue in the fiscal second quarter came in weaker-than-expected. The stock still jumped about 15% this morning as shareholders focused on YoY growth and earnings that beat estimates.
Second-quarter financial performance
Tilray broke even in Q2 on a per-share basis. It lost $201,000 in the recent quarter versus the year-ago figure of $99.9 million, or 41 cents per share. The Canadian company generated $155.2 million in revenue that represents an annualised growth of about 20%.
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According to FactSet, experts had forecast Tilray to see 9 cents of per-share loss in the second quarter on $170.5 million in revenue. Also on Wednesday, the Toronto-headquartered firm said it will now be called Tilray Brands Inc that better reflects its growing portfolio of CPG products.
Shares of Tilray closed 2021 with an over 40% decline. In early February last year, TLRY found support from the Reddit community that saw the stock surge sharply to a high of $64.
What else was interesting in the earnings report?
Tilray said it recorded $58.8 million in revenue from cannabis, up 7.0% year-over-year. Revenue from alcohol printed at $13.7 million in Q2 and at $13.8 million from its wellness segment.
The Nasdaq-listed company is rapidly growing its global footprint in medical cannabis. Thanks to a 20% market share in Germany, it now leads this segment in Europe. In the earnings press release, CEO Irwin Simon said:
The totality of our performance, our prospects and our global platform make Tilray Brands’ opportunity as compelling as ever, driven by our success as a cannabis and lifestyle CPG powerhouse and our relentless focus on delivering shareholder value.
The quarterly results come almost a month after Tilray acquired Breckenridge Distillery to strengthen its position in the U.S. market.
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Source: https://invezz.com/news/2022/01/10/tilray-stock-jumped-20-this-morning-heres-why/