Shares of the Tilray, Inc. (TLRY) stock were climbing in the premarket trading session today on January 10, 2022. The stock became bullish after the company announced the second-quarter fiscal year 2022 financial results. TLRY stock price saw a push of 12.77% to reach $7.24 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 0.31% at closing.
Tilray, Inc is the leading cannabis lifestyle and consumer packaged goods company based in New York. TLRY stock has a market cap of $3.07 billion and a 22,847,425 average trading volume.
Second Quarter Fiscal 2022 Financial Results
- In the second quarter of the fiscal year 2022, the company recorded a net income of $6 million as compared to a net loss of $89 million in the same quarter of last year.
- Net revenue in the reported quarter reached $155 million, representing an increase of 20% from the same prior-year quarter. Cannabis revenue increased 7% to reach $58.8 million and alcohol beverage revenue was $13.7 million from SweetWate The company recorded $13.8 million in wellness segment revenue from Manitoba Harvest.
- Adjusted EBITDA of TLRY stock was $13.8 million in the reported quarter, 8% higher than the preceding previous quarter.
- Gross profit of the company was reduced by 7% to $32.8 million in the second quarter of the fiscal year 2022. The gross margin was 43% in the cannabis segment.
Developments of TLRY stock
- Sweet Water on December 21, 2021, acquired Alpine Beer and Green Flash Brewing, award-winning craft-beer brands.
- Company on December 8, 2021, acquired Breckenridge Distiller in order to strengthen its strategic position in the United States.
- On October 26, 2021, the company signed the medical cannabis agreement in Luxembourg.
- On October 20, 2021, TLRY signed the expanded distribution agreement with Great North Distributors for the sales of adult-use cannabis across Canada.
From the above developments, it seems that the company is progressing concerning its operational growth which is a good sign for the shareholders of the TLRY stock. The company also reported that it has changed its name to Tilray Brands, Inc, which is the result of its evolution from Canadian LP to a global consumer packaged goods company.
Investors are responding positively to the recent release of the second-quarter fiscal year 2022 financial results. The company has maintained its #1 market share in the cannabis market share position in Canada.