Tilray Inc. reported a net loss of $3.0 million in the fourth quarter, down from a loss of $219.8 million in the comparable quarter of 2019, according to the company’s press release. The loss reduction was contributed by revenue growth in international medical cannabis and Canadian adult-use in Q4.
- Tilray achieved an adjusted EBITDA goal of $2.2 million in Q4.
- Q4 revenue rose to $56.6 million, up 20.5% from Q4 2019.
- Cannabis segment revenue rose by 46% to $41.2 million, driven by 191% growth in international medical sales and 49% expansion of Canadian adult-use sales.
- FY20 revenues rose by 26% to $210.5 million year over year.
- Tilray reduced costs by $57 million on an annualized basis compared to Q4 of 2019.
- The company had $189.7 million cash on December 31, 2020, and $261.3 million cash as of February 16, 2021.
- Tilray expects to close the deal with Aphria Inc. in Q2 2021, creating the world’s largest cannabis company.
Tilray stock is currently gaining. TLRY: NASDAQ is up 4.35% on the premarket.