Tilray (NASDAQ:TLRY) issued its financial and operational report for its Q1 2019.
As quoted in the press release:
“We are pleased with our first quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry,” said Brendan Kennedy, Tilray President and CEO. “We have made significant progress integrating our recent acquisitions of Manitoba Harvest and Natura Naturals, accelerating our entry into the United States hemp and CBD markets, and increasing our production and manufacturing capacity in North America and Europe. As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors.”
First Quarter 2019 Financial Highlights
- Revenue increased 195.1 percent to US$23.0 (C$31.0) million, compared to the first quarter of last year, driven by the legalization of Canadian adult-use in 2018, the addition of hemp food sales from the Manitoba Harvest acquisition during the quarter, and strong growth in international medical markets. Excluding excise tax, revenue was US$21.5 million.
- Net loss for the quarter was US$30.3 million or US$0.32 per share compared to a loss of US$5.2 million or US$0.07 per share for the prior year period. The non-GAAP adjusted Net loss for the quarter was US$25.2 million or US$0.27 per share for the first quarter of 2019. The adjustments to the net loss are non-recurring acquisition related charges. Adjusted EBITDA was a loss of US$14.6 million compared to a loss of US$3.2 million 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, the addition of Manitoba Harvest, and the expansion of international teams.