Tilray Brands Inc ( TLRY ) reported fourth-quarter financial results for fiscal year 2024 after the market close on Monday. Here’s a look at the key metrics from the quarter.

Q4 Earnings: Tilray reported fiscal fourth-quarter revenue of $229.882 million, up approximately 25% year-over-year. The company’s top-line results came in above the consensus estimate of $227.07 million, according to data from Benzinga Pro.

Cannabis net revenue increased 12% to $71.9 million in the quarter, while beverage-alcohol net revenue jumped 137% to $76.7 million. Distribution net revenue fell to $65.6 million in the fourth quarter. Wellness net revenue increased 6% to $15.7 million.

Tilray reported fourth-quarter adjusted earnings of 4 cents per share, beating estimates for a loss of 2 cents per share. Gross profit came in at $82.4 million in the fourth quarter. Gross margin and adjusted gross margin was 36%. Adjusted EBITDA increased 37% year-over-year to $29.5 million in the fourth quarter. Tilray noted that it reduced its net convertible debt by about $300 million in fiscal 2024.

“Tilray Brands is leading the convergence of cannabis, beverages, and wellness on a global scale,” said Irwin Simon, chairman and CEO of Tilray Brands ( TLRY ).

“In Fiscal 2024, the Company achieved remarkable growth across its businesses, with a 26% increase in net revenue over the prior year, record-breaking performance in gross profit and adjusted EBITDA, and generated positive adjusted free cash flow for the fiscal year. We have also significantly reduced our net convertible debt by ~$300 million and surpassed our cost-savings synergy target, which has strengthened our balance sheet.”

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Tilray didn’t provide forward guidance in its earnings release. Management will hold a conference call to discuss its quarterly results at 4:30 p.m. ET.

TLRY Price Action: Tilray shares were up 9.84% after hours, trading at $2.01 at the time of publication Monday, according to Benzinga Pro.

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This illustration was generated using artificial intelligence via Midjourney.