Tilray Brands, Inc. (NASDAQ: TLRY) (TSX:TLRY), released financial results for the Q2 2023, revealing net revenue of $144.1 million, a 7% decrease compared to $155.2 million in the Q2 2022.
Q2 2023 Financial Highlights
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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.
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Beverage-alcohol sales increased 56% to $21.4 million, over the prior year quarter, including revenue from acquisitions
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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.
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Adjusted EBITDA of $11.7 million, a 15% decrease compared to $13.8 million in the Q2 2022. 15th consecutive quarter of positive adjusted EBITDA.
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Net loss was $61.6 million compared to net income of $5.8 million in the Q2 2022.
Irwin …