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Tilray Inc. cut losses and increased revenue in the last three months of 2020, as it prepared to merge with another Canadian marijuana company Aphria Inc.
Tilray TLRY,
reported a loss of $ 3 million, or 2 cents a share, after reporting losses of more than $ 200 million in the same quarter a year ago. The company said it was profitable on an adjusted EBITDA basis, producing $ 2.2 million per this metric.
Tilray reported total sales of $ 56.6 million, or $ 50.7 million including excise taxes, after posting revenue of $ 46.9 million a year earlier, or 42.5 million dollars after excise taxes. Analysts were on average forecasting a loss of 14 cents per share on sales of $ 56 million, according to FactSet, with a smaller projection for Adjusted EBITDA of $ 300,000.
For the full year, Tilray’s sales increased to $ 210.5 million in 2020, from $ 167 million in 2019 excluding excise taxes, while losses narrowed to $ 271.1 million. of dollars, or $ 2.15 per share, from $ 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 hard work and dedication and I sincerely appreciate everything the Tilray team has done to transform our business in 2020,” said Brendan Kennedy, CEO of Tilray, in a statement. “We now look forward to the start of the next chapter in our corporate journey.”
Tilray and Aphria APHA,
have agreed to merge into a deal that they say will create the world’s largest cannabis company by revenue, with the Tilray name and symbol remaining after the deal is closed. Tilray said in Wednesday’s statement that the deal is expected to close in the second quarter.
Read more: To take advantage of planned pot merger, analyst says to buy Aphria
Tilray stock jumped more than 10% on Wednesday after-trading hours, after the stock plunged 9% in regular session. Stocks 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 United States have inflated jar stocks.
Aphria stock also gained late, adding more than 8% after rising more than 227% in the past three months. For comparison, the S&P 500 SPX index,
gained 9% during this period.
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