(Tilray) Tilray reported a net income of $52.475 million in the third quarter of 2022, an increase from a loss of $258.6 million in the comparable quarter of last year.
The profitable quarter was marked by a 23% jump in the net revenue which hit $152 million.
The cannabis company earned an adjusted EBITDA of $10.1 million, marking the 12th straight quarter of positive adjusted EBITDA.
The company’s gross profit reached $39.8 million in the third quarter, representing an increase of 31% from the prior year.
Tilray said it maintained its market share leadership in Europe and the number 1 position in Germany with over 4,000% revenue growth.
The company said it hit $76 million in cost synergies to date, putting it on track to surpass the initial target of $80 million ahead of schedule and earn an additional $20 million in synergies in FY23.
TLRY: NASDAQ is up +2.13% on premarket.
