Tilray Inc release financial results from their third quarter
Tilray, Inc a global pioneer in cannabis research, cultivation, production and distribution, reports financial results for the third quarter ended September 30, 2019. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
"Our performance in the third quarter, including solid revenue growth and sequential gross margin expansion, reflects the positive business trends we have underway," said Brendan Kennedy, Tilray's President and Chief Executive Officer.
"We are in the early days of seeing our strategic initiatives bear fruit – including our European expansion, brand portfolio evolution and strategic partnership product launches. We continue to expect significant growth in the fourth quarter and into 2020."Brendan Kennedy, Tilray's President and Chief Executive Officer.
He continued, "Beyond that, our strong global infrastructure and supply chain are a critical competitive advantage and our team is focused on maximizing the substantial opportunity we have to deliver long-term, sustainable value to our shareholders."
Third Quarter 2019 Financial Highlights
Tilary reported that their Revenue increased 408.6% to $51.1 million (C$67.8 million), compared to the third quarter of last year, driven by the Canadian adult-use market, the Manitoba Harvest acquisition, and growth in international medical markets as a result of the first GMP certification of the Portugal facility. Excluding excise tax, revenue was $48.2(C$64.1) million.
Moreover, the total kilogram equivalents sold increased over six-fold to 10,848 kilograms from 1,613 kilograms in the prior year period. Average net selling price per gram decreased to $3.25(C$4.32) compared to $6.21(C$8.26) in the prior year period. The average net selling price excluding excise taxes for adult-use was $2.98(C$3.96) per gram for the third quarter of 2019. The decrease was due to a shift in product and channel mix.
Gross margin increased sequentially to 31% from 27% in the prior quarter and was flat compared to the third quarter of 2018.
Net loss for the quarter was $35.7 million or $0.36 per share compared to a loss of $18.7 million or $0.20 per share for the prior year period. Adjusted EBITDA was a loss of $23.5 million compared to a loss of $7.4 million in the prior year period. The increased net loss and Adjusted EBITDA declines were primarily due to the increase in operating expenses related to growth initiatives, expansion of international teams, and the addition of Manitoba Harvest and Natura businesses.
To access the full financial report visit Tilray's company site here.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
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