Tilray Inc. (NASDAQ: TLRY) released its third-quarter financial results after the markets closed on Tuesday. The company said that it had a net loss of $0.08 per share and $10.0 million in revenue, which compares with consensus estimates calling for a net loss of $0.14 per share on $10.12 million in revenue.
During the quarter, the company saw revenue growth of 85.8% year over year. The increase in revenue was driven by increased patient demand, bulk sales to other licensed producers, and accelerated wholesale distribution in export markets.
The total kilogram equivalents sold increased over two-fold to 1,613 kilograms from 684 kilograms in the prior year.
Separately, the average net selling price per gram was $6.21 compared to $7.53 in the same period last year. The reduction in 2018 compared to 2017 was primarily due to an increase in bulk sales as a percentage of total revenue.
Brendan Kennedy, President and CEO of Tilray, commented:
The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter. We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world. Going forward, the demand for our products is strong and we remain committed to expanding our leadership in the global medical and adult-use cannabis markets.
Shares of Tilray closed Tuesday at $111.55, with a consensus analyst price target of $147.33 and a 52-week range of $20.10 to $300.00. Following the announcement, the stock was initially up less than 1% at $112.05 in the after-hours session. Note that the stock has been down as much as 5% and up as much as 3% in response to these results.