Tilray Brands Inc. posted a net loss in its latest quarter, amid market disruption and macroeconomic challenges.
The cannabis company reported a net loss of US$65.8 million in its first quarter, compared with a net loss of US$34.6 million in the same period last year.
Tilray says its basic and diluted net loss amounted to 13 cents per share, compared with a net loss of eight cents per share in the year prior.
Revenue for the three months ended Aug. 31 was US$153.2 million, compared with US$168.0 million in 2021.
Tilray chairman and CEO Irwin D. Simon says the company's results in the first quarter reflect successful realignment of the business to maximize revenue and market share gains.
He says the company optimized its performance in the quarter through ambitious and expanded cost savings across the platform.