Tilray Inc (NASDAQ: TLRY) reported third quarter financial results after the bell today, posting net revenues of US$48.17 million for the quarter. The figures presented resulted in a mild estimate beat, with analysts expecting gross revenues of approximately $49 million.
While Tilray has yet to publish full financial results, select information was provided within its after hours news release today. Most significant of which was an increasing net loss, which hit US$35.7 million for the quarter compared to US$18.7 million in the third quarter of 2018. The firm identified the largely loss as being due to growth initiatives, international expansions, and the recent acquisitions of Manitoba Harvest and Natura.
The firm increased its total cannabis sold figure significantly relative to the year ago period, with the issuer increasing total sales to 10,848 kilograms during the three month period. During the same quarter last year Tilray only managed to sell 1,613 kilograms. However, with the increasing amount of sales came a lower price per gram, with Tilray averaging only US$3.25 per gram, down from US$6.21 in the comparable period. The firm pointed to a shift in product and channel mix as a leading cause for the decrease in terms of revenue per gram.
Full financial statements are expected to be filed within the week by Tilray. The issuer last traded at $21.57 on the Nasdaq Stock Exchange.
Information for this briefing was found via Sedar and Tilray. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
