On this page of StockholderLetter.com we present the latest annual shareholder letter from Tilray Brands, Inc. — ticker symbol TLRY. Reading current and past TLRY letters to shareholders can bring important insights into the investment thesis.

 •  9/27/2024 Letter Continued (Full PDF)
 •  9/27/2023 TLRY Stockholder Letter
 •  More "Drugs & Pharmaceuticals" Category Stockholder Letters
 •  TLRY Benford's Law Stock Score = 54

TLRY Shareholder/Stockholder Letter Transcript:

2024 Annual Report
Fiscal Year ended May 31, 2024

Dear Fellow Tilray Brands Stockholders,
In Fiscal Year 2024, Tilray Brands achieved remarkable growth and recorded our best financial year. Through a
combination of organic growth and strategic acquisitions, we have disrupted the CPG industry by expanding our
footprint into new markets and adjacent business categories.
Today, Tilray Brands is a leading global lifestyle company spearheading the convergence of cannabis, beverages, and
wellness products on a global scale. We operate in more than 20 countries across North America, Europe, Australia,
and Latin America, with five businesses in medical and adult-use cannabis, beverages, spirits, wellness products,
and 44 consumer-connected lifestyle brands.
Our financial results in Fiscal 2024 are a testament to the resilience and dedication of our team. We achieved 26%
net revenue growth, with record annual net revenue of $788.9 million     on an annualized run rate basis for our
recent acquisitions, annual net revenue would have been close to a billion dollars at $850 million. We achieved
record adjusted gross profit of$235.6 million, record adjusted EBITDA of $60.5 million, adjusted net income of $6.2
million, and positive adjusted free cash flow. We also strengthened our balance sheet by significantly reducing our
net convertible debt principal by approximately $300 million, and exceeded our cost-savings synergy target by 31%,
delivering $35.4 million of savings. Additionally, we generated adjusted free cash flow of approximately $7 million
for the year.
Our strategic acquisitions have had a significant impact on our financial results. The HEXO acquisition broadened
our cannabis product portfolio, resulting in an 85% year over year increase in mainstream adult-use cannabis flower
sales. The Truss Beverage acquisition increased our market share in the Canadian cannabis beverage category
by 400%, and the acquisition of eight iconic beer and beverage brands from ABI made us the 5th-largest craft
brewer in the U.S. Most recently, we completed the acquisition of four craft beer brands from Molson Coors,
strengthening our position as a craft beer leader in the U.S.
Regarding the legalization and rescheduling of cannabis in the U.S., we acknowledge that there have been delays that
have caused frustration. However, we believe that the U.S. is making progress, and we are optimistic that significant
progress is on the horizon. When these legalization efforts progress, Tilray Brands will be well-positioned to take
advantage of growth opportunities, as we already have established brands, infrastructure, and distribution networks
in place. We have a track record of successfully integrating acquisitions and driving profitable growth that we expect
will deliver meaningful value to our shareholders. We are excited about the future and remain committed to driving
innovation and growth.
Please continue to support Tilray Brands and your investment in the Company by voting today on the proposals and
matters outlined in the 2024 Proxy Statement, and join us at the Annual Meeting of Stockholders to be held Thursday,
November 21, 2024, at 11:00 a.m. EST.
Thank you for your continued support and investment in Tilray Brands.
Sincerely,
Irwin D. Simon,
Chairman, President, and Chief Executive Officer



 9/27/2024 Letter Continued (Full PDF)