Q1 2025 Tilray Brands Inc Earnings Call Transcript
Key Points
- Tilray Brands Inc (TLRY) achieved record first-quarter net revenue of $200 million, representing a 13% growth year over year.
- The company's beverage business, including craft beer and spirits, grew 132% in net revenue year over year.
- Tilray Brands Inc (TLRY) strengthened its leadership position as the fifth largest US craft beer brewer with a 5% market share.
- The company reported a 35% increase in gross profit and a gross margin increase of over 500 basis points compared to the prior-year quarter.
- Tilray Brands Inc (TLRY) has a strong financial foundation with ample cash reserves, reduced debt levels, and flexibility to explore potential new acquisitions.
- The cannabis net revenue decreased by 13% compared to the prior-year period, largely due to price compression and strategic focus on margins.
- Adjusted EBITDA decreased from the prior-year quarter, primarily due to increased investment in marketing and promotions at Tilray Beverages.
- Cash flow used in operations was $35.3 million, compared to $15.8 million in the prior-year quarter, indicating increased demand on working capital.
- The international cannabis revenue decreased by 14%, driven by variability in the timing of import and export permits.
- The beverage alcohol gross margin decreased to 41% from 53% in the prior-year quarter, reflecting challenges in optimizing production and controlling costs.
Thank you for joining today's conference call to discuss Tilray Brand's financial results for the first-quarter ended August 31, 2024. (Operator Instructions)
I will now turn the call over to Ms. Berrin Noorata, Tilray Brand's Chief Communications and Corporate Affairs Officer. Thank you. You may begin.
Thank you, operator, and good morning, everyone. By now, you should have access to the earnings press release, which is available on the Investor section of the Tilray Brands website at Tilray.com and has been filed with SEC and the CSA.
Please note that during today's call, we will be referring to various non-GAAP financial measures that can provide useful information for investors. However, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The earnings press release contains a reconciliation of each non-GAAP financial measure to the most
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