Proactive Investors - Tilray Inc (TSX:TLRY) shares fell in early trade on Wednesday despite the New York and Leamington, Ontario-based cannabis and consumer packaged goods (CPG) company reporting first quarter fiscal 2024 results that surpassed expectations.
Tilray stock fell 5.3% to US$2.12 shortly after the opening bell in New York.
For the quarter August 31, 2023, Tilray reported year-over-year revenue growth of 15% from $153.2 million to $176.9 million.
Analysts had expected revenue of $175.1 million, according to Zacks Consensus Estimate.
It narrowed its net loss from $65.8 million in the year-ago quarter, or a loss per share of $0.13, to a loss of $55.9 million, or a loss per share of $0.10.
The company also grew its cannabis market share position in Canada to 13.4%.
During the quarter, the company also closed three acquisitions, Hexo Corporation (NYSE:TSX:HEXO) in June, Truss Beverage Co. in August, and eight beverage brands from Anheuser-Busch InBev (NYSE:BUD) earlier this week.
“The Hexo and Truss acquisitions have already boosted our competitive cannabis positioning in Canada, the largest, federally legalized cannabis market in the world, by increasing our leading market share, while the beer and beverage brands acquisition has made us the 5th largest craft beer brewer in the U.S., up from the 9th position,” Tilray CEO Irwin Simon said in a statement.
“We are now working on the seamless integration of these acquisitions into our efficient operating platforms by leveraging our deep CPG expertise and established track record to drive revenue through product innovation and expanded distribution and maximize cost savings through synergy realization.”