Tilray Brands Inc (NASDAQ:TLRY) shares are trading lower Tuesday after the cannabis company reported fiscal third-quarter results and announced an acquisition of HEXO Corp (NASDAQ:HEXO).
What Happened: Tilray said third-quarter revenue came in at $145.6 million. On a constant currency basis, quarterly revenue totaled $154.2 million, up 2% year-over-year.
Tilray reported a third-quarter loss of 4 cents per share, which was improved from a loss of 8 cents per share year-over-year.
Tilray ended the quarter with $408.3 million in cash and marketable securities.
“During the quarter, we continued to focus on our highest priorities: sustaining and growing the top-line across core markets and geographies while optimizing the platform to achieve positive free cash flow on an accelerated timeline,” said Irwin Simon, chairman and CEO of Tilray.
“We are executing on both fronts and delivered revenue growth despite challenging market dynamics across Canada, Europe, and the U.S, as well as our 16th consecutive quarter of positive adjusted EBITDA.”
Related Link: Tilray Shares Volatile After Cannabis Company Announces M&A Deal, Q3 Revenue Miss
Tilray reiterated that it expects to achieve positive free cash flow from operations in full-year 2023.
Tilray also entered into a definitive agreement to acquire HEXO. Tilray will issue HEXO shareholders 0.4352 Tilray shares for each outstanding HEXO share owned, which implies a purchase price of about $1.25 per HEXO share.
See Also: Tilray Brands Set To Acquire Cannabis Co. HEXO Corp. In $250M Transaction
TLRY Price Action: Tilray has a 52-week high of $6.80 and a 52-week low of $2.28.
The stock was down 6.57% at $2.56 at time of publication, according to Benzinga Pro.
Photo: 7raysmarketing from Pixabay.
