Tilray Brands Reports Lower Cannabis Sales In Q3, Trims 2025 Revenue Outlook
Tilray Brands, Inc’s. (NASDAQ:TLRY) third-quarter net revenue decreased from $188.3 million to $185.8 million, missing the consensus of $210.45 million.
Net revenue increased to ~$193 million on a constant currency basis. The prior-year quarter included revenue of $6 million of now-discontinued SKUs. Strategic initiatives and SKU rationalization impacted revenue by $13.2 million in the current year quarter.
The cannabis company reported a breakeven in adjusted EPS ($0.00) compared to a consensus loss of 4 cents.
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Gross profit increased by 5% to $52.0 million compared to $49.4 million in the prior year quarter. Gross margin increased 200 bps to 28% in the third quarter compared to 26% in the prior year quarter.
Adjusted EBITDA was $9.0 million compared to $10.2 million in the prior year quarter due to the …