Oppenheimer provided their views on Tilray Brands, Inc. (NASDAQ:TLRY) following the company’s reported Q1 results last week. Quarterly EPS came in at ($0.13), worse than the Street estimate of ($0.07). Revenue was $153.2 million (down 9% year-over-year), compared to the Street estimate of $157 million.

Adjusted EBITDA was $13.5 million, ahead of the Street estimate of $12.9 million. The company reiterated its full 2022-year adjusted EBITDA guidance of $70–80 million.

The analysts continue to look favorably upon the company’s ability to generate positive adjusted EBITDA and implement cost reductions. However, they remain cautious on the company and other covered cannabis names amidst severe competitive pressures and prospects for muted profitability. The analysts remain sidelined, reiterating their Perform rating.