Yesterday, on May 12th, Tilray (TLRY) reported financial results for the first quarter ending March 31, 2020.
The company reported a net loss of…
$184.1 million, or $1.73 a share, compared to a loss of $29.4 million, or $0.31, for the first quarter 2019.
Quarterly revenue increased 126% to $52.1 million, compared to the first quarter of 2019 and 11% sequentially from the fourth Quarter of 2019.
Analysts were expecting the company to report a GAAP net loss of $0.44 a share on revenue of $49.5 million.
As a result of their earnings, TLRY’s stock is trading down 7% today.
In their earnings release, the company said they implemented COVID-19 related protocols to ensure the health and safety of their staff during these tough times.
TLRY said it remains focused on achieving positive adjusted EBITDA by the end of the fourth quarter of 2020.
Total kilograms of cannabis sold jumped 92.4% to 5,794 kilograms, which were led by recreational sales. The average net selling price per gram of cannabis decreased by 5.7% to $5.28 due to a shift in product mix.
TLRY’s CEO Brendan Kennedy said, “We are pleased to report strong sequential quarterly revenue growth across each of our core business segments for the first quarter of 2020. We remain focused on executing on our long-term growth opportunities and our goal of generating positive Adjusted EBITDA by the end of the fourth quarter. As evidenced by our International Medical sales in the quarter, we expect this segment to demonstrate continued growth and positively impact margins. During and since the first quarter, we took significant steps to drive efficiencies across our business, enabling us to realize annualized cost savings of approximately $40 million compared to the fourth quarter 2019 run rates. While the positive impact of these actions are not fully reflected in this quarter’s results, they…
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