Tilray's Diversified Growth Strategy Is Paying Off, Here's What's Behind 34% YoY Revenue Increase In Q2
Canadian cannabis company Tilray reported a 34% increase in revenue in its second quarter of fiscal 2024. The company reported revenue of $194 million, up from $145 million in the same period last year. Tilray's cannabis net revenue increased 35% to $67 million, while beverage alcohol net revenue increased 117% to $47 million. Distribution net revenue also rose to $67 million, compared to $60 million in the same quarter last year. The company's gross profit increased 11% to $47 million, with adjusted gross profit up 18% to $52 million. Net loss in the second quarter amounted to $46 million, compared to a net loss of $62 million in the same period last year. Adjusted EBITDA stood at $10.1 million, down from $11 million in Q2 2023.