Tilray(US:TLRY)2024-10-10 11:00Revenue Growth - Q1 net revenue increased 13% year-over-year to $200 million[1][3] - Net revenue grew by 13% to $200,044 from $176,949[19] - Beverage alcohol net revenue surged 132% to $56.0 million in Q1[3] - Beverage alcohol business revenue surged to $55,972, representing 28% of total revenue[23] - Net beverage alcohol revenue surged 131.6% to $56.0 million in Q3 2024 from $24.2 million in Q3 2023[27] Gross Margin and Profit - Gross margin increased by 500 basis points to 30% in Q1[1][3] - Gross profit increased by 35% to $59,706 from $44,196[19] - Cannabis net revenue reached $61.2 million with a gross margin of 40% in Q1[3] - Cannabis adjusted gross margin improved to 40% in Q3 2024 from 35% in Q3 2023[27] Business Segments - Distribution net revenue was $68.1 million with a gross margin of 12% in Q1[3] - Wellness net revenue grew 11% to $14.8 million in Q1[3] - Cannabis business revenue declined to $61,249, accounting for 31% of total revenue[23] - Distribution business revenue slightly decreased to $68,071, making up 34% of total revenue[23] - Wellness business revenue rose to $14,752, contributing 7% of total revenue[23] - Net cannabis revenue for Q3 2024 was $61.2 million, a decrease of 12.9% compared to $70.3 million in Q3 2023[25] - Canadian adult-use cannabis revenue declined by 19.6% to $57.2 million in Q3 2024 from $71.2 million in Q3 2023[25] - International cannabis revenue decreased by 14.5% to $12.2 million in Q3 2024 from $14.3 million in Q3 2023[25] Financial Performance - Adjusted EBITDA was $9.3 million in Q1 compared to $10.7 million in the prior year quarter[3] - Operating loss widened by 6% to $(36,570) from $(34,362)[20] - Net loss decreased by 38% to $(34,652) from $(55,863)[20] - Adjusted EBITDA for Q3 2024 was $9.3 million, down 13.0% from $10.7 million in Q3 2023[27] - Net loss narrowed to $34.7 million in Q3 2024 from $55.9 million in Q3 2023, a 38% improvement[30] Cash Flow and Assets - Total assets increased to $4,261,867 from $4,221,665[18] - Net cash used in operating activities increased by 123% to $(35,307) from $(15,842)[21] - Cash and marketable securities decreased to $280.1 million as of August 31, 2024, from $466.5 million a year earlier[27] - Free cash flow was negative $42.0 million in Q3 2024, compared to negative $19.7 million in Q3 2023[33] - Working capital increased to $432.3 million as of August 31, 2024, from $292.0 million a year earlier[27] Regulatory and Market Developments - German medical cannabis flower revenue increased by 50% following legalization[1] - Tilray Alternative Beverages launched in October to fuel key U.S. markets with hemp-derived Delta-9 THC products[1] - The company anticipates improved regulatory changes in the cannabis industry following the upcoming U.S. Presidential elections[2]