Tilray Inc (NASDAQ:TLRY) shares climbed 15% to US$1.98 in early trading on Thursday after the cannabis company announced that it swung to an adjusted net profit of $3.9 million for its fiscal first quarter 2025, from loss of $6.1 million during the same period last year.
Its net revenue for the quarter rose 5% to $209.5 million, boosted by a 12% year over year increase in Canadian adult-use cannabis sales and 10% growth in international cannabis revenue.
The company also said it reduced its total outstanding debt to $4 million, ending the first quarter with $264.8 million in cash on its balance sheet.
"Achieving a record Q1 net revenue of $210 million, delivering net income, and fortifying our balance sheet are not just milestones, they are proof points of our commitment to building sustainable growth, operational excellence, and unlocking value for our shareholders," Tilray Brands CEO Irwin Simon said in a statement.