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Tilray Reports Surprise Profit as Revenue Jumps 20%

Tilray swung to fiscal-second-quarter net income of $6 million from a loss of nearly $90 million a year earlier.
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Tilray  (TLRY) - Get Tilray Brands, Inc. Report reported a surprise fiscal-second-quarter profit as the Canadian cannabis company reported revenue jumped 20% in the face of what Chief Executive Irwin Simon called sharp competition and macroeconomic challenges.

In the quarter ended Nov. 30, the company earned US$6 million, compared with a loss of $89 million in the year-earlier quarter. On a per share basis, the company broke even in the latest quarter. Revenue reached $155.2 million from $129.5 million.

Analysts surveyed by FactSet were expecting a net loss of 9 cents a share on revenue of $170.5 million. 

The company said it was able to maintain its top market share position in Canada despite increased competition and a saturated market. In Germany, Europe's largest and most profitable medical cannabis market, Tilray said its nearly 20% share is also No. 1. 

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In the U.S., Tilray said its acquisitions of SweetWater Brewing and Manitoba Harvest would help it increase visibility when the country finally legalizes the drug at the federal level. 

Together, Manitoba Harvest and Sweetwater generate about $100 million in revenue and are both cash-flow positive.

And after the quarter ended, Tilray expanded its spirits portfolio by acquiring Breckenridge Distillery, "deepening our presence in the fast-growing spirits sector while also providing an immediate contribution to earnings.”

Tilray shares traded on Nasdaq at last check were up 18% at $7.57. A year ago the stock touched a 52-week high $67.