NEW YORK - Tilray (NASDAQ:TLRY) Brands, Inc. (NASDAQ:TLRY), a prominent global lifestyle and consumer packaged goods company, has introduced Runner's High Brewing Company, its latest non-alcoholic beverage line. The new brand targets the social running community, offering a beer-like experience without alcohol. Runner's High Brewing Company is set to debut at the Peachtree Road Race on July 3-4, 2024, in Atlanta, Georgia, which is recognized as the world's largest 10-kilometer running event.
Runner's High will offer three non-alcoholic brews: Golden Wheat, Raspberry Wheat, and Dark Chocolate. Each flavor is designed to provide a refreshing choice for both casual and social runners, as well as their friends. The Golden Wheat features citrus and pine needle aromas with 90 calories, the Raspberry Wheat presents a ruby red color with ripe raspberry flavors at 70 calories, and the Dark Chocolate offers rich chocolate cake notes with only 60 calories.
Chief Marketing Officer at Tilray Beverages, Prinz Pinakatt, expressed the company's ambition for Runner's High to become the preferred choice among runners, emphasizing that the brand is crafted for all levels of runners, not just elite athletes. The brews are made with natural ingredients and lifted hop terpenes, promising a premium non-alcoholic beverage that is also calorie-conscious.
Tilray Brands has a diverse portfolio, including cannabis offerings, hemp-based foods, and craft beverages, operating across multiple continents. The launch of Runner's High Brewing Company marks its entry into the rapidly growing non-alcoholic beverage space, aiming to cater to health-conscious consumers and those leading active lifestyles.
In other recent news, Tilray Brands Inc., a global lifestyle and consumer packaged goods company, has been making significant strides in its financial and strategic activities. The company recently reported a 30% increase in net revenue for the third quarter of the fiscal year 2024, reaching $188 million. Alongside this, Tilray reduced its convertible debt by $205 million, demonstrating a commitment to cost management and a robust balance sheet.
The company also initiated an at-the-market equity program to potentially sell up to $250 million in common stock, with the aim of funding strategic acquisitions and investments. This move is expected to bolster Tilray's presence in the U.S. and internationally.
In addition, Tilray has finalized a debt-for-equity swap, issuing approximately 13.1 million shares of its common stock in exchange for $19.8 million of its 5.25% Convertible Senior Notes due June 1, 2024. This strategic financial maneuver is seen as a positive step towards financial stability.
InvestingPro Insights
Tilray Brands, Inc. (NASDAQ:TLRY) is making waves with its latest venture into the non-alcoholic beverage market, leveraging its expertise to capture the burgeoning health-conscious consumer sector. As the company gears up for the debut of Runner's High Brewing Company, here are some key insights from InvestingPro that could shed light on the financial landscape surrounding Tilray.
InvestingPro Data shows a market capitalization of $1.4 billion, indicating a strong presence in the market. Despite the challenges, the company has managed to achieve a notable revenue growth of 24.65% in the last twelve months as of Q3 2024, with even more impressive quarterly revenue growth of 29.36% in Q3 2024. This demonstrates Tilray's ability to expand its revenue streams, which may be further bolstered by the new Runner's High product line.
An InvestingPro Tip highlights that Tilray's stock price movements have been quite volatile, which may be of interest to potential investors looking for dynamic market opportunities. Additionally, analysts have noted that the company is not expected to be profitable this year, and it has not been profitable over the last twelve months. This insight is crucial for investors who prioritize profitability and may affect investment decisions.
For those interested in further in-depth analysis and additional InvestingPro Tips, there are 5 more tips available on the InvestingPro platform for Tilray. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to exclusive insights that could inform investment strategies.
As Tilray Brands continues to innovate and diversify its product offerings, these financial metrics and expert tips offer a glimpse into the company's performance and market potential, particularly as it enters the competitive non-alcoholic beverage space with its Runner's High Brewing Company.
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