Q4 2024 Tilray Brands Inc Earnings Call Transcript
Key Points
- Tilray Brands Inc (TLRY) achieved a record net revenue of $789 million for fiscal year 2024, marking a 26% growth year-over-year.
- The company reported a record adjusted gross profit of $236 million and adjusted EBITDA of $60.5 million.
- Tilray Brands Inc (TLRY) significantly reduced its net convertible debt by approximately $300 million, improving its net debt-to-EBITDA ratio to 1.73.
- The acquisition of HEXO and Redecan has expanded Tilray's cannabis product portfolio, contributing to an 85% year-over-year increase in mainstream flower sales in adult-use cannabis.
- Tilray Brands Inc (TLRY) is now the fifth largest craft brewer in the US, with a 4.5% share of the craft beer market, following the acquisition of eight iconic beer and beverage brands from ABI.
- Tilray Brands Inc (TLRY) faced approximately $10 million in cannabis price compression and paid around $100 million in excise tax and regulatory fees in Canada, impacting the bottom line.
- The company incurred higher operating insurance rates of nearly $7 million due to its cannabis businesses.
- Despite the growth, the Canadian government did not resolve the issue of cannabis excise taxes, which remains a significant financial burden.
- The integration of acquired brands into Tilray's production facilities is ongoing, with some brands still under co-manufacturing agreements, affecting gross margins.
- The international cannabis market, particularly in Germany, is experiencing bottlenecks with import permits and prescription fulfillment, which could hinder growth.
Hello, and thank you for joining today's conference call to discuss Tilray Brands' Financial Results for the fourth quarter and fiscal year 2024 ended May 31, 2024. (Operator Instructions)
I'll now turn the call over to Ms. Berrin Noorata, Tilray Brands' Chief Corporate Affairs and Communications Officer. Thank you. You may now begin.
Thank you, operator, and good afternoon, everyone. By now, you should have access to the earnings press release, which is available on the Investors section of the Tilray Brands website at tilray.com and have been filed with the SEC and SEDAR.
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
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