By Canadian Press

Tilray misses analyst expectations in Q4, following February layoffs

Mar 2, 2020 | 7:53 PM

NANAIMO, B.C. — Tilray Inc. missed analyst expectations as it reported revenues of US$46.9 million in its latest quarter, a roughly 8 per cent drop from the $51 million it announced the quarter before.

Analysts had expected the Nanaimo-based cannabis company, which keeps its books in U.S. dollars, to report a revenue of $55.4 million in its fourth quarter ending Dec. 31., according to financial markets data firm Refinitiv.

Tilray says its revenues increased by 202 per cent from the same period last year and was largely driven by its acquisition of hemp foodmaker Manitoba Harvest and growth in international medical markets.

The company’s net loss for the quarter was $219.1 million or $2.14 per share compared to a loss of $31.0 million or $0.33 per share for the same quarter of the year prior.

Tilray attributed the increased net loss to higher operating expenses related to growth initiatives, the expansion of international teams, and the addition of its Manitoba Harvest and Natura Naturals businesses.

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The company’s average net selling price per gram increased to $8.78 from $7.52 in the prior year.

The earnings come after Tilray announced in February that it was laying off 10 per cent of staff to help it better achieve profitability.

This report by The Canadian Press was first published March. 2, 2020.

The Canadian Press