Tilray Inc. reduced losses and increased revenue in the last three months of 2020, while preparing to merge with Canadian marijuana mate 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 the adjusted Ebitda, producing $ 2.2 million by that metric.
Tilray reported total sales of $ 56.6 million, or $ 50.7 million when accounting for excise taxes, after recording revenue of $ 46.9 million the previous year, or $ 42.5 million after excise duty. consumption. Analysts had forecast an average loss of 14 cents per share on sales of $ 56 million, according to FactSet, with a lower projection for the adjusted Ebitda of $ 300,000.
For the full year, Tilray’s sales increased to $ 210.5 million in 2020 from $ 167 million in 2019 without accounting for excise duties, while losses decreased to $ 271.1 million, 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 from an adjusted loss of $ 89.8 million in 2019.
“These results took a lot of work and dedication and I sincerely thank everything the Tilray team did to transform our business during 2020,” said Tilray Chief Executive Brendan Kennedy in a statement. “Now we are looking forward to the start of the next chapter in our corporate journey.”
Tilray and Aphria APHA,
have agreed to merge into an agreement that they say will create the world’s largest cannabis company in revenue, with the name Tilray and the symbol remaining after the deal is completed. Tilray said in Wednesday’s statement that the deal is expected to close in the second quarter.
To learn more: To profit from the planned marijuana merger, analyst says to buy Aphria
Tilray’s shares rose more than 10% in Wednesday’s trading session after shares plunged 9% in regular trading. Shares have more than quadrupled in the past three months, gaining 337%, as expectations for the merger, as well as hopes for federal marijuana legalization in the U.S., have increased marijuana stocks.
Aphria’s shares also rose at the end of the session, adding more than 8%, after rising more than 227% in the last three months. For comparison, the S&P 500 SPX index,
gained 9% in that time.