Tilray Inc. reduced losses and increased revenue in the last three months of 2020, as it prepared to merge with Canadian marijuana company Aphria Inc.
Tilray TLRY,
reported a loss of $ 3 million, or 2 cents per share, after reporting losses of more than $ 200 million in the same quarter last year. The company said it was profitable based on adjusted EBITDA, producing $ 2.2 million for that metric.
Tilray reported total sales of $ 56.6 million, or $ 50.7 million in excise taxes, after recording revenue of $ 46.9 million the previous year, or $ 42.5 million. dollars after excise duty. Analysts predicted, on average, a loss of 14 cents per share on sales of $ 56 million, according to FactSet, with a lower adjusted Ebitda projection of $ 300,000.
Throughout the year, Tilray’s sales increased to $ 210.5 million in 2020, from $ 167 million in 2019 excluding excise taxes, while losses were reduced to $ 271.1 million. dollars, or $ 2.15 per share, of $ 321.2 million or $ 3.20 per share. Tilray reported an adjusted EBITDA loss of $ 30.3 million in 2020, an improvement over an adjusted loss of $ 89.8 million in 2019.
“These results required a lot of work and dedication and I sincerely appreciate all that the Tilray team has done to transform our business during 2020,” Tilray CEO Brendan Kennedy said in a statement. “We are now looking forward to the start of the next chapter of our corporate journey.”
Tilray and Aphria APHA,
they have agreed to merge into an agreement that they say will create the world’s largest cannabis company by revenue, leaving the name and ticker Tilray once the deal is finalized. Tilray said in a statement Wednesday that the deal should be closed in the second quarter.
For more information: To reap the benefits of the planned merger of pots, the analyst says buy Aphria
Tilray shares jumped more than 10% in trading outside of Wednesday hours, after shares were left with 9% in the regular session. Shares have more than quadrupled in the past three months, gaining 337%, as expectations for the merger, as well as hopes for federal legalization of marijuana in the U.S., have reduced stocks.
Aphria shares also gained at the end of trading, adding more than 8% after rising more than 227% in the last three months. By way of comparison, the S&P 500 SPX index,
has gained 9% in that time.