(Tilray) Cannabis company Tilray reported a 25% increase in revenues to $142.2 million in the fourth quarter, up from $113.5 million in the previous quarter.
The surge in Tilray’s net revenue in the quarter was primarily driven by a 36% jump in net cannabis revenue which hit $53.7 million.
Fourth quarter net income was $33.6 million, up from a net loss of $84.3 million in the previous quarter.
Adjusted EBITDA rose 285% to $12.3 million in the fourth quarter, up from $3.2 million in the previous quarter.
Free cash flow during the quarter surged by 112% to $3.3 million, up from a negative cash flow of $28.3 million in the previous quarter.
For FY21, revenue rose by 27% to $513.1 million, up from $405.3 million in 2020, driven by 55% increase in net cannabis revenue to $201.4 million.
Tilray recorded a net loss of $336.0 million in FY21, up from a net loss of $100.8 million in 2020
FY21 loss was fueled by $63.6 million out-of-pocket costs in business combinations and $170.5 million from convertible debentures.
EBITDA rose by 598% to $40.8 million in FY21, up from $5.8 million in 2020
Tilray expects to deliver cost synergies amounting to $80 million within eighteen months from business combination and activities, having already achieved $35 million.
TLRY: NASDAQ is up +5.11%
