Tilray Slips Over 5% After Q3 Revenue Miss Despite Hexo Deal

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Tilray Slips Over 5% After Q3 Revenue Miss Despite Hexo Deal

Seekingalpha2023-04-11

Despite announcing a buyout deal with rival Canadian cannabis player Hexo Corp. (NASDAQ:HEXO), Tilray Brands fell ~5.47% post-market Monday after reporting lower-than-expected revenue for Q3 of fiscal...

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(NASDAQ:HEXO), Tilray Brands fell ~5.47% post-market Monday after reporting lower-than-expected revenue for Q3 of fiscal...</p>\n\n<a href=\"https://seekingalpha.com/news/3955440-tilray-stock-slips-q3-sales-miss-despite-hexo-deal\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://seekingalpha.com/news/3955440-tilray-stock-slips-q3-sales-miss-despite-hexo-deal","article_id":"2326641208","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2326641208","pubTimestamp":1681173521,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Despite announcing a buyout deal with rival Canadian cannabis player Hexo Corp. (NASDAQ:HEXO), Tilra","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"尽管与Hexo达成交易，但Tilray在第三季度收入下滑超过5%","themeId":"ec9f6f0df2b6498587e7f5318b2eff2b","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"Despite announcing a buyout deal with rival Canadian cannabis player Hexo Corp. (NASDAQ:HEXO), Tilray Brands fell ~5.47% post-market Monday after reporting lower-than-expected revenue for Q3 of fiscal 2023.Leading a decline in other Canadian cannabis stocks, Hexo (HEXO) shed ~24% after TLRY agreed to close the transaction in June 2023 following a ~$56M all-stock deal. OrganiGram Holdings (OGI), Aurora Cannabis (ACB), and Cronos Group (CRON) are all trading lower after the close.On the financial front, Tilray (TLRY) beat earnings expectations for Q3 while missing revenue forecasts for its major segments. Net revenue for the quarter grew ~1% YoY to $145.6M, while distribution revenue rose ~5% YoY to $65.4M, and net cannabis revenue fell ~14% YoY to $47.5M.In terms of market channel, revenue from Canadian adult-use cannabis products grew ~4% YoY to $45.3M while revenues from Canadian medical cannabis products and international cannabis products dropped ~14% YoY and ~39% YoY to $6.0M and $9.7M, respectively.Meanwhile, TLRY swung to a gross loss of $11.7M during the quarter compared to $40.0M gross profit in the prior year quarter, and its cash and equivalents fell short of expectations to reach ~$165.0M indicating a ~60% drop from FY22 end.As for adjusted EBITDA, the company’s quarterly figure of $14.0M and the full-year forecast of $60M – $66M also fell short of Street forecasts.Read: Seeking Alpha contributor Alan Brochstein issued a Strong Sell on TLRY ahead of the earnings noting that the stock is trading as much as two times its fair value.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":20,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}