Tilray Brands Stock Skyrockets On Swing To Profit, Significant Debt Reduction
Synopsis
The company said that it reduced its total outstanding debt by $7.7 million in the three months in a bid to strengthen its balance sheet.
Shares of Tilray Brands (TLRY) soared 15% in the pre-market session on Thursday after the company reported adjusted net income of $3.9 million for the first quarter, marking a turnaround from a loss of $6.1 million reported in the corresponding quarter of 2024.
The company’s net revenue increased 5% to $209.5 million in the quarter, driven by a rise in cannabis net revenue.
The firm also said that it reduced its total outstanding debt by $7.7 million in the three months in a bid to strengthen its balance sheet. The company ended the quarter with a cash balance of $264.8 million.
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