Tilray Brands, Inc. (NASDAQ: TLRY) released on Monday its financial results for Q2 2023, revealing net revenue of $144.1 million, a 7% decrease compared to $155.2 million in Q2 2022.

Gross profit rose to $40.1 million, a 22% increase, year-over-year. Adjusted gross margin held at 29% compared to the year-ago quarter. The cannabis giant achieved $119.6 million in annualized cash cost-savings since the closing of the Tilray-Aphria transaction in May 2021 – up from $108 million as of August 31, 2022.

For the period, Tilray also reported adjusted EBITDA of $11.7 million, a 15% decrease compared to $13.8 million in Q2 2022. This was its 15th consecutive quarter of positive adjusted EBITDA.

Net loss was $61.6 million, compared to net income of $5.8 million in Q2 2022.

The Analyst

Following the report, Cantor Fitzgerald’s Pablo Zuanic maintained a ‘Neutral’ rating

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