Tilray’s Q2: A Swing and a Miss
Tilray released its second quarter financial results after the markets closed on Tuesday. The company said that it had a net loss of $0.36 per share and $45.9 million in revenue, compared with consensus estimates that called for a net…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Tilray Inc. (NASDAQ: TLRY) released second-quarter financial results after markets closed Tuesday. The company said that it had a net loss of $0.36 per share and $45.9 million in revenue, compared with consensus estimates that called for a net loss of $0.25 per share and $41.11 million in revenue. The same period from last year had a net loss of $0.17 per share and $9.74 million in revenue.
Overall revenues increased 371% year over year, driven by the Manitoba Harvest acquisition, the legalization of the Canadian adult-use market, and growth in international medical markets, particularly in Europe.
Total kilogram equivalents sold more than tripled to 5,588 kilograms from 1,514 kilograms in the prior-year period.
At the same time, the average net selling price per gram decreased to $4.61 compared to $6.38 in the prior-year period. The average net selling price excluding excise taxes was $3.92 per gram for the second quarter of 2019. The decrease was due to a reduced mix of higher-priced extract products and a greater mix of adult-use revenue, which are at lower prices per gram compared to other channels.
[nativounit]
The company did not offer any guidance in the report. However, consensus estimates are calling for a net loss of $0.24 per share and $50.81 million in revenue for the coming quarter.
Brendan Kennedy, Tilray president and CEO, commented:
We are pleased with our second quarter results and strong business momentum. Our team has executed against our plan, with adult-use revenue nearly doubling in the second quarter compared to the first quarter and gross margin increasing sequentially for the second quarter in a row. As we continue to grow, we remain focused on our long-term strategic objectives and deploying capital to maximize stockholder value.
Shares of Tilray closed at $46.02, with a 52-week range of $24.00 to $300.00. The consensus analyst price target is $79.30. Following the announcement, the stock was down over 4% at $43.85 in the after-hours session.
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
