Tilray Inc (TSX: TLRY) this morning reported its first quarter financial results for the period ended August 31, 2021. The firm reported US$168.0 million in net revenue for the period, along with a net loss of $34.6 million.
Revenues were up on on a quarter over quarter basis, climbing from $142.2 million to $168.0 million on a net basis, an 18% improvement. The quarter saw cannabis revenue of $70.5 million, as well as distribution revenue of $67.2 million, beverage alcohol revenue of $15.5 million, and wellness revenue of $14.9 million.
Cost of goods sold meanwhile declined, coming in at $117.1 million, compared to $119.7 million in the prior period, resulting in gross profit growing substantially to $51.0 million, up from $22.5 million.
Despite the 126% increase in gross profit, the company however still came nowhere close to achieving positive gains from operations. Operating expenses for the period amounted to $119.5 million, a substantial increase from the $96.2 million figure reported in the prior period.
Chief among expenses were $49.5 million in G&A, as well as amortization of $30.7 million, transaction costs of $25.6 million, and selling costs of $7.4 million. Overall, the company posted an operating loss of $68.5 million, which was further impacted by financing expenses of $10.2 million. However, Tilray did see a boost from non-operating income of $48.9 million, resulting in a net loss of $34.6 million after taxes, while reporting an adjusted EBITDA figure of $12.7 million.
Looking to the balance sheet, the company saw its cash position decline rather significantly during the period, falling from $488.5 million to $376.3 million, a result of the previously announced transactions surrounding Medmen Enterprises (CSE: MMEN). Inventory meanwhile was rather flat at $251.5 million, while prepaids jumped from $48.9 million to $117.3 million. Overall, the company reported current assets of $844.6 million.
On the other side of things, bank indebtedness was nearly flat at $9.2 million, while accounts payable declined to $190.2 million from $212.8 million. Escrow payable meanwhile jumped from nil to $170.8 million, with total current liabilities overall climbing to $526.8 million.
Guidance was not provided by the company for oncoming quarters.
Tilray last traded at $13.60 on the TSX.
Information for this briefing was found via Edgar and Tilray. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.