Tilray Inc announce fourth quarter and full fiscal year 2019 financial results
Tilray, Inc, a global pioneer in cannabis production, research, cultivation and distribution, reports financial results for the fourth quarter and full fiscal year ended December 31, 2019. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
"Our full year results demonstrate strong sales growth momentum, which we expect to continue in 2020," said Brendan Kennedy, Tilray's Chief Executive Officer.
"Like our peers, we have faced industry challenges, but we remain committed to driving long-term value for our shareholders. Tilray has a diversified business model comprised of global medical, Canada adult-use and hemp products which positions us well in the current volatile market environment. "
We are still in the early days of this emerging growth industry and will continue being good stewards of shareholder capital as we aim to build the world's most trusted and valued cannabis and hemp company."Brendan Kennedy, Tilray's Chief Executive Officer.
2019 Financial Highlights
- Revenue increased to $167.0 (C$217.4) million, up 287.2% compared to last year. The increase in revenue was driven by significant growth in sales for the Canadian adult-use market, international medical markets as well as the acquisition of Manitoba Harvest.
- Total cannabis kilogram equivalents sold increased over 446% to 35,380 kilograms from 6,478 kilograms in the prior year.
- Average cannabis net selling price per gram (excluding bulk sales) increased to $7.90 (C$10.28) compared to $6.63 (C$8.63) in the prior year.
- Net loss for the year was $321.2 million, or $3.20 per share, compared to $67.7 million, or $0.82per share, for 2018. In 2019, the Company recorded non-cash charges of $112.1 million related to impairment of the Authentic Brands Group LLC ("ABG") agreement as well as $68.6 million in inventory reserves. Adjusted EBITDA was a loss of $89.8 million compared to a loss of $28.3 million the prior year.
To learn more about Tilray visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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