Tilray Reports Profitable Q4, Says Aphria Merger Is On Track
The company said it sold 6,901 kilograms of cannabis in the fourth quarter
Tilray Inc. reported its first profitable quarterly period on Wednesday, ahead of its planned merger with Aphria Inc.
The Nanaimo, B.C.-based cannabis producer said sharp increases in its adult-use and medical cannabis businesses led to it generating US$50.7 million in net revenue in the three-month period ended Dec. 31, an increase of 19 per cent from a year earlier.
The company also reported US$2.2 million in positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the fourth quarter, topping the US$35.3-million adjusted EBITDA loss reported in the same period last year. Tilray still reported a US$3-million net loss in the quarter.
Analysts polled by Bloomberg expected Tilray to report about US$55 million in revenue in its fourth quarter, and a scant US$220,000 in positive adjusted EBITDA.
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