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Tilray Brands, Inc. (TLRY) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, May 31, 2022

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Tilray, Inc.

HISTORY TOOLS
CIK: 1731348 Ticker: TLRY

Exhibit 99.1

 

PRESS RELEASE

July 28, 2022

 

Tilray Brands, Inc. Reports                                                                                     Record Fiscal Year 2022 Results

 

FY2022 Net Revenue Grew 22% to $628 Million Compared to the Prior Year; On a Constant Currency Basis, Net Revenue Increased by 29%

 

Fourth Quarter Net Revenue Grew 8% to $153 Million Compared to the Prior Year Period; On a Constant Currency Basis, Net Revenue Increased by 14% to $163 Million

 

Company Expects to Generate $70-$80 Million of Adjusted EBITDA and be Free-Cash Flow Positive in Its Operating Business Units in FY2023

 

Foundation in Place for Profitable and Sustainable Growth

 

 

•

Fourth Quarter International Cannabis Increased 205% from the Prior Year Q4; Tilray Medical Leads European Medical Cannabis Market with 20% Market Share in Germany

 

 

•

Delivered $85 Million in Cost Savings to Date, Exceeding Original Target on Accelerated Timeline; Company Now Expects to Deliver $100 Million by the End of FY2023

 

 

•

Significantly Strengthened Balance Sheet, Reduced Debt, and Ended FY2022 with $416 Million in Cash

 

 

•

Tilray Brands Sets Stage for Next Evolution of Cannabis Following HEXO Transaction, which Positions the Company for Additional Growth Opportunities in Canada, Europe, and the U.S

 

NEW YORK and LEAMINGTON, ONTARIO – July 28, 2022 – Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported financial results for the fourth quarter and full fiscal year ended May 31, 2022.  All financial information in this press release is reported in U.S. dollars, unless otherwise indicated, and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”).  

Irwin D. Simon, Tilray Brands’ Chairman and Chief Executive Officer, stated, “Over the past year, we have accelerated the optimization of our operations and sharpened execution against our most profitable core business opportunities in medical, adult-use, wellness, and beverage-alcohol across Canada, Europe, and the U.S. At the same time, we accelerated our growth potential through tactical execution

 

The following information was filed by Tilray, Inc. (TLRY) on Thursday, July 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Tilray, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position (Parenthetical)
Consolidated Statements Of Loss And Comprehensive Loss
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Tables)
Accounts Payable And Accrued Liabilities - Summary Of Accounts Payable And Accrued Liabilities (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss- Schedule Of Accumulated Other Comprehensive Loss (Details)
Bank Indebtedness
Bank Indebtedness - Additional Information (Details)
Basis Of Preparation
Basis Of Preparation - Additional Information (Details)
Business Acquisitions
Business Acquisitions (Tables)
Business Acquisitions - Additional Information (Details)
Business Acquisitions - Schedule Of Fair Value Of Purchase Price (Details)
Business Acquisitions - Schedule Of Fair Value Of Purchase Price (Parenthetical) (Details)
Business Acquisitions - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Business Acquisitions - Summary Of Fair Values Of Assets Acquired And Liabilities Assumed (Parenthetical) (Details)
Capital Assets
Capital Assets (Tables)
Capital Assets - Schedule Of Capital Assets (Details)
Change In Non-Cash Working Capital
Change In Non-Cash Working Capital (Tables)
Change In Non-Cash Working Capital - Summary Of Change In Non-Cash Working Capital (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Schedule Of Purchase And Other Commitments Maturities (Details)
Convertible Debentures
Convertible Debentures (Tables)
Convertible Debentures - Additional Information (Details)
Convertible Debentures - Schedule Of Components Of Net Carrying Amount Of Convertible Debentures (Detail)
Convertible Debentures - Schedule Of Convertible Debentures - Apha 24 (Details)
Convertible Debentures - Schedule Of Convertible Debentures - Tlry 23 (Details)
Convertible Notes Receivable
Convertible Notes Receivable (Tables)
Convertible Notes Receivable - Additional Information (Details)
Convertible Notes Receivable - Summary Of Convertible Notes Receivable (Details)
Cost Of Goods Sold
Cost Of Goods Sold (Tables)
Cost Of Goods Sold - Summary Of Cost Of Goods Sold (Details)
Description Of Business
Financial Risk Management And Financial Instruments
Financial Risk Management And Financial Instruments (Tables)
Financial Risk Management And Financial Instruments - Additional Information (Details)
Financial Risk Management And Financial Instruments - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Financial Risk Management And Financial Instruments - Schedule Of Balances Of Assets And Liabilities Categorized Within Level 3 Of Fair Value Hierarchy Measured At Fair Value On Recurring Basis (Details)
Financial Risk Management And Financial Instruments -Schedule Of Financial Assets And Liabilities Measurement Inputs And Valuation Techniques (Details)
General And Administrative Expenses
General And Administrative Expenses (Tables)
General And Administrative Expenses - Schedule Of General And Administrative Expenses (Details)
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Details)
Goodwill - Schedule Of Goodwill (Details)
Income Taxes And Deferred Income Taxes
Income Taxes And Deferred Income Taxes (Tables)
Income Taxes And Deferred Income Taxes - Additional Information (Details)
Income Taxes And Deferred Income Taxes - Summary Of (Recoveries) Expense For Income Taxes (Details)
Income Taxes And Deferred Income Taxes - Summary Of Components Of Deferred Tax (Details)
Income Taxes And Deferred Income Taxes - Summary Of Loss Before Income Taxes (Details)
Income Taxes And Deferred Income Taxes - Summary Of Reconciliation Of Income Taxes At Statutory Rate With Reported Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Schedule Of Estimated Amortization Expense (Details)
Intangible Assets - Schedule Of Intangible Assets (Details)
Interest Expense, Net
Interest Expense, Net (Tables)
Interest Expense, Net - Summary Of Interest Expense, Net (Details)
Inventory
Inventory (Tables)
Inventory - Additional Information (Details)
Inventory - Schedule Of Inventory (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Future Undiscounted Payment Associated With Lease Liabilities (Details)
Leases - Summary Of Information Related To Lease Costs For Finance And Operating Leases (Details)
Leases - Summary Of Lease-Related Assets And Liabilities (Details)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Schedule Of Net Carrying Amount Of Long-Term Debt Instruments (Details)
Long-Term Debt - Schedule Of Net Carrying Amount Of Long-Term Debt Instruments (Parenthetical) (Details)
Long-Term Investments
Long-Term Investments (Tables)
Long-Term Investments - Additional Information (Details)
Long-Term Investments - Schedule Of Long-Term Investments (Details)
Net Revenue
Net Revenue (Tables)
Net Revenue - Summary Of Net Revenue (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Additional Information (Details)
Non-Controlling Interests - Summary Of Information Relating To Company's Majority Owned Subsidiaries (Details)
Non-Operating (Expense) Income
Non-Operating (Expense) Income (Tables)
Non-Operating (Expense) Income - Schedule Of Non-Operating (Expense) Income (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Schedule Of Geographic Capital Assets (Details)
Segment Reporting - Schedule Of Geographic Net Revenue (Details)
Segment Reporting - Schedule Of Segment Gross Profit From External Customers (Details)
Segment Reporting - Summary Of Channels Of Cannabis Revenue (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Details)
Significant Accounting Policies - Summary Of Depreciation Calculation (Details)
Significant Accounting Policies - Summary Of Estimated Useful Lives Of Definite Life Intangible Assets (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Schedule Of Stock Option Activity (Details)
Stockholders' Equity - Schedule Of Stock-Based Activity Under Eip And Original Plan (Details)
Stockholders' Equity - Schedule Of Time-Based And Performance-Based Rsu Activity (Details)
Stockholders' Equity - Stock-Based Compensation - Additional Information (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Warrants
Warrants - Additional Information (Details)
Ticker: TLRY
CIK: 1731348
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-026894
Submitted to the SEC: Thu Jul 28 2022 4:26:46 PM EST
Accepted by the SEC: Thu Jul 28 2022
Period: Tuesday, May 31, 2022
Industry: Medicinal Chemicals And Botanical Products

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