Tilray Brands Inc. shares fell 3.7% in premarket trades Monday after the cannabis company said it swung to a second-quarter loss. Tilray posted a second-quarter loss of $61.64 million, or 11 cents a share, from a profit of $5.8 million, or breakeven per share, in the year-ago quarter. Adjusted loss totaled 6 cents a share, matching the analyst estimate in a survey by FactSet. The company’s second-quarter net revenue fell to $144.14 million from $155.15 million in the year-ago period. On a constant currency basis, net revenue in the latest quarter totaled $157.6 million. Analysts were looking for $154.8 million in revenue. During the quarter, Tilray completed its acquisition of Montauk Brewing Co. and maintained its leading market share slot in adult use cannabis in Canada. Tilray said it’s close to meeting its annualized cost savings target of $130 million.
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