Tilray net worth has captured attention, especially in 2024. As a key player in both cannabis and craft beverage markets, Tilray’s financial performance continues to evolve.
We’ll take a closer look at Tilray’s cannabis operations, their revenue growth, and what it all means for their future. Let’s dive into Tilray’s financial overview, presented by Ando Money.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Tilray Brands, Inc. |
| Full Name | Tilray Brands, Inc. |
| Website | www.tilray.com |
| Industry | Cannabis, Consumer Packaged Goods, Beverage-Alcohol |
| Traded as | Nasdaq: TLRY; TSX: TLRY |
| ISIN | N/A |
| Founded | 2013 |
| Founders | Brendan Kennedy |
| Country/Territory | Canada |
| Headquarters | New York, U.S. & Ontario, Canada |
| Chief Executive Officer | Irwin D. Simon |
| Number of Employees | N/A |
| Market Cap | $1.41 Billion |
| Total Assets | $4.33 Billion |
| Total Equity | $3.39 Billion |
| Revenue | $194 Million (Q2 2024) |
| Net Income | – $46.2 Million (Q2 2024) |
What is the Net Worth/Market Cap of Tilray in 2024?
As of 2024, Tilray’s market cap stands at $1.41 billion. This places it among other notable players in the cannabis and beverage industries.
Though not among the top wealthiest companies globally, Tilray remains influential in its niche sectors. Some key competitors and partners of Tilray include:
- HEXO Corp
- Anheuser-Busch
- Sweetwater Brewing Company
- Montauk Brewing
- Redhook Brewery
- Green Flash Brewing
- Aphria
- Manitoba Harvest
Tilray’s market cap may not reach the level of the richest companies, but its financial strategies and growth in the cannabis and beverage industries set it apart.
Explore more insights on the leading companies in 2024.
Tilray Financial Performance Overview
Revenue Breakdown and Growth in Recent Years
Tilray saw record revenue growth in 2024, hitting $194 million in Q2, which marks a 34% increase from the previous year.
This strong performance is driven by multiple business segments.
The cannabis sector plays a major role in revenue, but Tilray has also successfully diversified into beverage alcohol, wellness products, and distribution.
These business segments allow the company to offset challenges within the cannabis industry, including regulatory hurdles and market saturation.
Additionally, Tilray achieved gross profits of $47 million in Q2 2024.
While cannabis remains a core business, beverage alcohol sales have expanded substantially, contributing to the overall revenue boost.
Cannabis Operations and Revenue Impact
Cannabis has always been Tilray’s primary revenue driver. In Q2 2024, cannabis net revenue surged by 35% to $67 million compared to the same period last year.
The company’s market-leading position in Canada and its growing influence in European medical cannabis are significant contributors to this growth.
Medical cannabis, particularly in Europe, saw a 55% increase in international cannabis net revenue.
This global expansion positions Tilray as a leader in the cannabis sector, especially as it continues to tap into emerging international markets.
Beverage-Alcohol Segment Performance
While cannabis remains the foundation of Tilray’s operations, the company’s beverage-alcohol segment is rapidly growing.
In Q2 2024, beverage alcohol net revenue increased by 117%, reaching $47 million.
This growth was primarily driven by strategic acquisitions of eight beer and beverage brands from Anheuser-Busch.
Tilray’s growing portfolio of craft beer brands, such as Sweetwater Brewing Company and Montauk Brewing, positions it as a leader in the U.S. craft beer market.
Tilray now ranks as the 5th largest craft beer brewer in the U.S., and its strategy includes further expansion in this sector.
The beverage-alcohol business has diversified its revenue streams, lessening reliance on cannabis alone.
Distribution Revenue and Operational Efficiency
Tilray’s distribution business contributed significantly, generating $67 million in Q2 2024, a 12% increase from the previous year.
This reflects a diversified revenue base, supporting financial stability.
Tilray continues to integrate HEXO Corp into its distribution channels, expecting to realize additional operational synergies and cost savings.
In fact, the company is on track to achieve $30-$35 million in savings from the HEXO acquisition.
Efforts to optimize distribution across Canada and Europe have reinforced Tilray’s ability to sustain revenue growth despite external market challenges.
Wellness and Hemp Product Sales
Tilray’s wellness brands, particularly through Manitoba Harvest, play a crucial role in its portfolio.
In Q2 2024, wellness revenue reached $12.9 million, a slight increase from last year.
This sector contributes to Tilray’s focus on diversified consumer packaged goods, ranging from hemp-based foods to wellness supplements.
Tilray continues to expand the wellness portfolio, especially in markets where CBD and hemp products show increasing demand.
Financial Synergies from Acquisitions
One of the standout financial strategies for Tilray in 2024 was its focus on strategic acquisitions.
Notably, the acquisition of HEXO Corp and the integration of Anheuser-Busch’s beer brands are estimated to generate $30-$35 million in annual savings.
These synergies come from streamlined operations and enhanced distribution channels, driving future revenue growth.
The acquisition spree has allowed Tilray to diversify its business, both in cannabis and beverages, positioning itself for long-term financial success.
Adjusted EBITDA and Profit Margins
In Q2 2024, Tilray’s adjusted EBITDA reached $10.1 million. This is a slight decline from last year, primarily due to operational costs associated with recent acquisitions.
Despite this, the company’s adjusted gross margin across sectors remains stable, particularly in the beverage-alcohol business, which had a gross margin of 38%.
Maintaining profitability amidst expansion remains a key challenge for Tilray, but its strategic moves suggest a positive outlook for long-term financial health.
Cash Flow and Debt Management Strategies
Tilray is actively managing its cash flow and debt to maintain financial flexibility.
In Q2 2024, the company reduced its convertible debt by $127 million and followed up with an additional $18 million in debt reduction post-quarter.
Tilray’s focus on debt management, coupled with a strong liquidity position of $261 million in cash and marketable securities, allows it to continue investing in growth initiatives while maintaining financial stability.
FAQs About Tilray
What sectors contribute most to Tilray’s revenue?
Cannabis and beverage alcohol are the two biggest contributors to Tilray’s revenue, with the beverage-alcohol sector showing the fastest growth in 2024.
How does Tilray perform in the global cannabis market?
It is a leader in both the Canadian and European cannabis markets, holding the #1 market share in Canada and growing its medical cannabis business in Europe.
What are Tilray’s key acquisitions?
In recent years, Tilray acquired HEXO Corp and several beer brands from Anheuser-Busch, contributing to its strong position in cannabis and beverage-alcohol markets.
How has Tilray improved operational efficiency?
It has achieved significant cost savings through the integration of HEXO Corp, realizing $22 million in operational synergies and targeting $30-$35 million in total savings by the end of 2024.
Conclusion
Tilray’s evolving financial landscape reflects its growth and diversification across cannabis and beverage sectors. For more insights on famous companies’ financials, visit https://www.andomoney.com/.
