LEAMINGTON, Ont. – Shares of cannabis company Tilray Brands Inc. were down more than 20 per cent after it reported its latest quarterly results and cut its full-year guidance.
Tilray shares closed down 71 cents at $2.79 on the Toronto Stock Exchange on Tuesday.
The drop came after the company said it expected adjusted EBITDA of US$60 million to US$63 million for its 2024 financial year ending May 31, down from earlier guidance for US$68 million to US$78 million.
Tilray also said it no longer expects positive adjusted free cash flow for its full financial year, due to the delayed timing for collecting cash on various asset sales.
The change came as Tilray, which keeps its books in U.S. dollars, said it lost US$105.0 million or 12 cents per diluted share for the quarter ended Feb. 29. The result compared with a loss of US$1.2 billion or US$1.90 per diluted share in the same quarter last year when it recorded a large one-time impairment charge.
Net revenue in what was the company’s third quarter totalled US$188.3 million, up from US$145.6 million a year earlier.
This report by The Canadian Press was first published April 9, 2024.
Companies in this story: (TSX:TLRY)
