07:42 AM EDT, 04/09/2024 (MT Newswires) -- Tilray Brands ( TLRY ) on Tuesday reported Q3 net revenue of US$188.3 million, a 30% YoY increase from the $145.6 million in the prior year quarter.

Net loss decreased to $105 million, or $(0.12) per diluted share, in the third quarter compared with the net loss of $1.2 billion, or $(1.90) in Q3 2023.

Tilray reported that its beverage-alcohol net revenue increased 165% to $54.7 million, from $20.6 million last year. The increase was related to the company's new Craft Acquisition brands while existing brands stayed consistent.

Cannabis net revenue increased 33% to $63.4 million, from $47.5 million in the same period, reflecting the acquisitions of HEXO and Truss as well as growth in Canadian medical, Canadian adult-use, wholesale, and international.

For its fiscal year ending May 31, 2024, Tilray reports that it is now guiding to an adjusted EBITDA target of $60 million to $63 million. The company no longer expects to generate positive adjusted free cash flow for the full fiscal year 2024, due to delayed timing for collecting cash on various asset sales.