Although heavy bottom-line losses are nothing new in the marijuana industry, the deficit Tilray (TLRY) reported in its latest reported quarter was considerable. It was also big enough to…
drive the stock down at double-digit rates after the company’s Q2 figures came out after hours on Monday.
The quarter’s revenue came in at $50.4 million, 10% higher year over year, but 3% lower than the Q1 result. The story was much different on the bottom line; the company’s net loss deepened on a year-over-year basis by $45.4 million to $81.7 million, or $0.65 per share.
Both figures were well short of the average analyst estimates. Collectively, prognosticators tracking the stock were expecting $54.8 million on the top line, and a per-share net loss of only $0.32.
Tilray (NASDAQ:TLRY) pointed out that much of its bottom-line deficit consisted of non-cash items. These included an asset impairment charge of over $28 million, and an inventory valuation adjustment that came in at almost $19 million.
On a more optimistic note, the company managed to grow its total cannabis revenue to almost $30.2 million for the quarter, a 16% improvement over the Q2 2019 figure. Within this category, the crucial recreational cannabis segment was responsible for…
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