Tilray Brands Inc. posted a steep loss in its most recent quarter despite higher revenue as it recorded a non-cash impairment.
The cannabis company posted a net loss of US$457.8 million during its fourth quarter, compared with a net income of US$33.6 million in 2021.
The loss includes a non-cash impairment of US$395 million, which the company says primarily impacted inventory, goodwill and other intangible assets.
Tilray says its basic and diluted net loss amounted to 90 cents per share, down from earnings per share of 38 cents in the year prior.
Revenue for the three months ended May 31 was US$153.3 million, up eight per cent from US$142.2 million in 2021.
Tilray chairman and CEO Irwin D. Simon says the company accelerated its growth potential through improved cultivation, brand building and distribution.
“We are confident that our proactive steps to plan for the evolution of the cannabis business in each of our markets has positioned Tilray Brands to be at the forefront of the industry on a global basis while delivering profitability and driving shareholder value,” he said in a statement Thursday.
“These actions should also contribute to bottom-line performance improvement through production efficiencies and cost reductions. The outcome of this work is that we have driven top line growth across our markets, significantly improved our operating performance, and strengthened our balance sheet.”
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