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NEW YORK - On Tuesday, Tilray Brands Inc. (NASDAQ:TLRY) reported a significantly wider net loss for its fiscal third quarter as impairment charges weighed heavily on results, while revenue declined slightly year-over-year.
Tilray shares edged up 0.17% in premarket trading following the earnings release.
The cannabis and beverage company posted a net loss of $793.5 million, or $0.87 per share, compared to a loss of $105 million, or $0.12 per share, in the same quarter last year. The steep increase in losses was primarily due to $699.2 million in impairment charges.
Revenue fell 1.4% to $185.8 million from $188.3 million in the prior year period. On a constant currency basis, revenue would have increased to approximately $193 million.
Tilray's cannabis segment saw revenue decline to $54.3 million from $63.4 million last year, while beverage alcohol revenue rose slightly to $55.9 million from $54.7 million. Distribution revenue increased 8% to $61.5 million.
The company reduced its fiscal 2025 revenue guidance to a range of $850 million to $900 million, down from its previous outlook of $900 million to $950 million.
"We prioritized sales quality and revenue, protected margins, reduced debt, and improved our capital structure," said CEO Irwin D. Simon.
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