The second quarter of fiscal 2023 is already on the books for many cannabis industry-related companies, including Tilray Brands. The financial managers of this firm have not taken long to provide financial results for this period, showing positive growth in many important areas.
The global leader in cannabis consumption and lifestyle today released its financial results for the second fiscal quarter that ended November 30, 2022. According to the recent report, the company’s financial position remained strong, with $433.5 million in cash and marketable securities. In addition, the firm continues to establish absolute dominance in Canada, with a marijuana market share of over 8%.
As is well known, Tilray has focused much of its operations in the alcoholic beverage industry and its sales demonstrate that this strategy is paying off. The report indicated that these sales increased 56% to $21.4 million, compared to the prior year’s quarter, including revenue from acquisitions.
There is a 22% increase year over year when it comes to gross profit, rising to more than $40 million. Adjusted gross margin remained at 29% compared to the prior year’s quarter.
Compared to the prior year’s quarter, cannabis gross profit increased 37% to $18.6 million from $13.5 million, while gross margin percentage increased to 37% from 23%. Success in implementing numerous cost savings programs appears to be one of the main reasons indicated by the leadership group.
In addition, since the closing of the Tilray-Aphria transaction in May 2021, the company had $119.6 million in annualized cash cost savings. And lastly, the report also revealed that adjusted EBITDA reached $11.7 million, marking the 15th consecutive quarter of positive adjusted EBITDA for the marijuana firm.