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TILRAY Tilray , Inc. Reports First Quarter Fiscal Year 2022 Financial Results October 7 , 2021 Net Revenue and Gross Profit Increased 43 % and 46 % , Respectively , for Largest Global Cannabis Cultivator 10th Consecutive Quarter of Positive Adjusted EBITDA $ 55 Million in Cost - Savings Achieved On a Run - Rate Basis To Date ; On - track for at Least $ 80 Million in Cost - Savings from Aphria and Tilray Synergies # 1 Leading Market Share in Canada¹ with Comprehensive Portfolio of Medical and Adult - Use Cannabis Brands , International Market Leader and # 1 in Germany2 with Medical Cannabis Extracts NEW YORK & LEAMINGTON , Ontario -- ( BUSINESS WIRE ) -- Oct . 7 , 2021-- Tilray , Inc. ( " Tilray " or the " Company " ) ( Nasdaq : TLRY ; TSX : TLRY ) , a leading global cannabis - lifestyle and consumer packaged goods company , today reported financial results for the first fiscal quarter ended August 31 , 2021. 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's Chairman and Chief Executive Officer , stated , " Tilray's first quarter 2022 results affirm that , amid the paradigm shift towards global cannabis legalization , we are unquestionably executing against two key objectives . The first is maximizing near - term profitability through leadership in both higher - margin international medical markets and in Canada , complemented by incremental growth at SweetWater and Manitoba Harvest in the U.S. These efforts are augmented by the cost benefits of our increased scale that we are realizing through our integration process . The tangible results include our tenth consecutive quarter of positive adjusted EBITDA and meaningful net revenue growth despite continued impacts from COVID - 19 in Canada as retail cannabis stores only began opening in mid - J une . " Mr. Simon continued , " The second objective is to fully realize the promise and potential of Tilray by capitalizing on the nearly $ 200 billion global cannabis market opportunity . We believe we are ideally - positioned to succeed due to our global consumer - packaged goods expertise and scale , our diverse portfolio of brands , our reputation as a trusted supplier of high - quality cannabis , battle - tested leadership and a relentless focus on driving sustainable shareholder value.We look forward to accelerating our momentum as we build the leading CPG business in the global cannabis industry . " Financial Highlights - First Quarter Fiscal 2022 • Net revenue increased 43 % to $ 168 million during the first quarter from $ 117 million in the prior year quarter . The increase was driven by 38 % growth in net cannabis revenue to $ 70 million , net beverage alcohol revenue of $ 15 million following the SweetWater acquisition on November 25 , 2020 , and wellness revenue of $ 15 million from Manitoba Harvest . • Maintained # 1 market share in Canada³ with leading portfolio of comprehensive medical cannabis and adult - use brands , including top position in cannabis flower and pre - rolls ; five Tilray brands rank in top five brands across all adult - use product categories . • International market leader and # 1 in Germany4 with medical cannabis extracts . • Net loss of $ 34.6 million during the first quarter compared to net loss of $ 21.7 million in the prior year quarter . • Adjusted EBITDA of $ 12.7 million in the first quarter 2022 , 58 % growth compared to the prior year quarter , and the tenth consecutive quarter of positive Adjusted EBITDA . If Adjusted EBITDA were normalized for Aphria's production costs , metric would have been closer to $ 17 million . • Gross profit increased 46 % to $ 51 million from $ 35 million in the prior year quarter . ● Adjusted gross margin in the cannabis segment has remained strong at 43 % . » Cost - saving synergies of $ 55 million achieved on a run - rate basis to date , with actual cash - savings close to $ 20 million . On - track for at least $ 80 million in cost - savings from Aphria and Tilray business combination synergies . Strong First Quarter Momentum Across Segments • On August 19 , 2021 , Tilray completed the acquisition of amended convertible notes in MedMen , a premier retailer in the $ 80 billion U.S. cannabis market - a potentially transformative step towards Tilray's objective of leading the U.S. market when legalization allows . • On August 17 , 2021 , Tilray launched medical cannabis edibles in Canada . • On July 19 , 2021 , Tilray's wholly owned subsidiary , SweetWater Brewing Company , announced the launch of 420 Imperial IPA , the first line extension of its flagship 420 brand . ● On July 12 , 2021 , SweetWater announced its West Coast expansion including a new Colorado Brewery and the opening of Sweetwater Mountain Taphouse at Denver International Airport . • On July 7 , 2021 , Tilray announced the completion and shipment of the first successful EU GMP - certified medical cannabis harvest grown in Germany for German distribution .