After a tough 2022 for cannabis stocks, investors will be looking to companies such as Tilray Brands and Organigram Holdings as they report their latest quarterly results to see how the industry is faring in the first three months of 2023.
New York-based Tilray is set to report its 3Q fiscal 2023 results after the market close on April 10, but analysts aren’t too optimistic about the company’s recent performance.
Analysts expect Tilray to post a loss per share of $0.06 on revenue of $150.5 million. In the year-ago quarter, Tilray reported earnings per share of $0.09 on revenue of $152 million.
Stalling legalization efforts across the United States, Canadian oversupply, and a lawsuit against the company and its former leadership have dragged on the company during the first quarter, analysts at CMC Markets noted.
On the other hand, Moncton, New Brunswick-based Organigram, which is reporting its second quarter fiscal 2023 results after the market close on April 11, is on track to deliver year-over-year revenue growth.
In a statement accompanying its first quarter fiscal 2023 results, Organigram said it expects its 2Q fiscal 2023 revenue to be higher than that of 2Q fiscal 2022 but did not provide specific guidance.
Analysts expect the company to report a loss per share of $0.02 on revenue of $43.5 million. In the year-ago quarter, the company posted a loss per share of $0.01 on revenue of $31.8 million.
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