Tilray quarterly figures Q2: Record sales and positive growth in the alcohol beverage sector inspire investors

Tilray quarterly figures Q2: Record sales and positive growth in the alcohol beverage sector inspire investors

According to a report by www.deraktionaer.de,

Tilray recently published its second quarter results and made investors' hearts beat faster. The biggest news is record sales of $194 million, up 35 percent from last year. Sales of alcoholic beverages rose 117 percent to $47 million, while experts had only expected $43 million. However, adjusted gross margin fell to 27 percent compared to 31 percent a year ago. CEO Irwin Simon emphasized that Tilray is now uniquely positioned to become one of the top 12 companies in the beer and alcoholic beverage sector in the United States.

Despite the company confirming its 2024 guidance and reaffirming its plans for positive adjusted free cash flow this year, Tilray stock remains highly speculative and therefore only of interest to risk-taking investors. The quarterly figures have triggered positive reactions among investors and Tilray shares are already trading around six percent higher premarket than the day before. Should the company achieve its 2024 targets, this could further influence the dynamics of the market and give the paper momentum to even target the 2023 annual high.

The chart technical and fundamental picture has brightened with today's numbers, and investors are showing increased interest in the share. If Tilray shares overcome the December high, the next price targets are in the area of ​​$2.60 and the annual high for 2023 at $3.40. This could lead to increased trading volumes and an overall strengthening of the cannabis sector, which could also impact other companies in the industry.