Tilray, Inc. (TLRY Quick QuoteTLRY - Free Report) , is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America.

In May 2021, the company completed its previously announced business combination with Aphria. Each Aphria shareholder received 0.8381 of a Tilray share for each Aphria common share held on Apr 30, 2021.

The company has a disappointing track record with the company missing earnings estimates in the last two trailing quarters. Last quarter, the company missed estimates by 33.33%.

Currently, Tilray has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Beat: Tilray beat on fiscal second-quarter earnings. The company reported break-even earnings while the Zacks Consensus Estimate was a loss of 9 cents.

Revenues Beat:  Revenue missed expectations. Tilray posted revenues of $155.1 million missing our consensus estimate of $173 million.

Key Stats:  The company achieved $70 million in cost synergies to date. The company expect to reach $80 million synergy target, ahead of schedule, by May 31, 2022 and to generate an additional $20 million in synergies in fiscal 2023. Tilray also announced a new parent name, Tilray Brands, Inc.

Pre-Market Trading: Shares are up in pre-market trading.