Cannabis company Tilray Brands Inc. TLRY-T reported a loss of US$34.7-million in its first quarter, compared with a loss of US$55.9-million in the same quarter last year, as its net revenue rose 13 per cent.
The company, which keeps its books in U.S. dollars, says the loss amounted to four US cents per diluted share for the quarter ended Aug. 31 compared with a loss of 10 US cents per diluted share a year earlier.
Net revenue totalled US$200-million for the three-month period, up from US$176.9-million in the same quarter last year.
The increase came as Tilray’s beverage alcohol business earned net revenue of US$56-million, up from US$24.2-million a year ago, while its cannabis business saw net revenue of US$61.2-million, down from US$70.3-million in the same quarter last year.
Tilray’s distribution business earned US$68.1-million in net revenue, down from US$69.2-million, and its wellness business earned US$14.8-million in net revenue, up from US$13.3-million a year ago.
On an adjusted basis, Tilray says it lost one US cent per share in its latest quarter compared with an adjusted loss of four US cents per share a year earlier.