Tilray Brands Reports Net Loss Of $457.8 Million
Date
7/29/2022 10:15:03 AM
(MENAFN- Baystreet.ca)
Tilray Brands Reports Net Loss Of $457.8 Million
Tilray Brands (TLRY) posted a net loss of $457.8 million U.S. during its fiscal fourth quarter,
compared with net income of $33.6 million U.S. during the same period of last year.
The cannabis producer blamed the steep loss on a non-cash impairment charge of $395 million
U.S., which the company says hurt its inventory levels and various intangible assets.
Revenue during the three months ended May 31 amounted to $153.3 million U.S., up 8% from
$142.2 million U.S. in 2021.
Tilray chief executive officer (CEO) Irwin Simon said in a news release that, despite the hefty
quarterly loss, the company continues to execute on improving its cultivation, brand, and
distribution network.
Tilray stock has fallen 50% this year to trade at $3.65 U.S. The stock has declined 76% over the
past 12 months.
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