NEW YORK - Tilray (TSX:TLRY) (NASDAQ:TLRY) Brands, Inc. (NASDAQ:TLRY) reported second quarter fiscal 2025 results that missed revenue expectations, sending shares down 3.6% in early trading Friday.
The cannabis and beverage company posted revenue of $211 million for the quarter ended November 30, falling short of analyst estimates of $218.17 million. However, adjusted earnings per share came in at breakeven, beating expectations for a $0.04 per share loss.
Tilray saw growth across all four of its business segments compared to the prior year quarter. Beverage alcohol revenue surged 36% to $63 million, while international cannabis revenue increased 25%. The wellness segment grew 13%.
"In our fiscal second quarter, Tilray achieved strong results while making significant progress on our strategic plan," said CEO Irwin D. Simon. "Our dedication to operational excellence has improved gross margins, gross profit, and overall profitability across our business segments."
Gross profit rose 29% year-over-year to $61 million, with gross margin expanding to 29% from 24% last year.
For fiscal year 2025, Tilray reaffirmed its guidance for net revenue between $950 million and $1 billion, above the current analyst consensus of $900 million.
Despite the revenue miss, the company highlighted its $25 million synergy plan for the Tilray beverage business, dubbed "Project 420." Tilray said it has already achieved $17 million of the targeted synergies.
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