Tilray Inc (NASDAQ:TLRY) is trading higher Monday morning after the company announced fiscal second-quarter 2022 financial results showing revenue increased year-over-year and the company reached profitability.
Tilray reported quarterly net income of $6 million, up from a loss of $89 million year-over-year. The company reported quarterly revenue of $155.15 million, up from $129.46 million, year-over-year.
Tilray attributed the revenue growth to growing cannabis revenue of $58.8 million, net beverage alcohol revenue of $13.7 million from SweetWater and wellness segment revenue of $13.8 million from Manitoba Harvest.
The company also announced a new parent company name, Tilray Brands, which it said better reflects its evolution from a Canadian LP to a global consumer packaged goods company with a portfolio of cannabis and lifestyle brands.
“Our second quarter performance reflects notable success building high-quality and highly sought-after cannabis and lifestyle CPG brands which, coupled with our scale, operational excellence and broad global distribution, enabled us to increase sales and maintain profitability despite sector-specific and macro-economic headwinds,” said Irwin Simon, chairman and CEO of Tilray.
Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis.
TLRY Price Action: Tilray has traded as low as $6.29 and as high as $67 over a 52-week period.
The stock was up 14.9% at $7.38 at time of publication.
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