(Tilray) Cannabis company Tilray Inc. announced a net income of $6 million in the second quarter of 2022, an increase from a net loss of $89 million in the prior year.
The total net revenue rose 20% to $155 million in the second quarter, an improvement from $129 million in the prior year. Cannabis revenues rose 7% to $58.8 million.
Adjusted EBITDA was $13.8 million in the quarter, up 8% from the prior quarter, representing the eleventh straight quarter of positive EBITDA.
The gross profit was $32.8 million, a decline of 7% from the prior year’s second quarter.
The company maintained the market leadership in the international cannabis market, with a 20% market share in Germany.
Tilray expects to hit its $80 million synergy target by May 31, 2022, which is ahead of schedule, and generate a further $20 million synergy in fiscal 2023.
TLRY: NASDAQ is up +13.40% on premarket.
