Tilray TLRY shares were jumping in after-hours trading Monday after the Canadian cannabis company reported fiscal fourth-quarter and full-year financial results.
What Happened
Tilray's fiscal 2018 revenue was $43.1 million, up 110 percent year-over-year.
"The increase in revenue was driven by bulk sales, the inaugural sales for the Canadian adult-use market and accelerated wholesale distribution in export markets," the company said.
Kilogram equivalents sold rose from 3,024 kg in the prior year to 6,478 kg. The average net selling price per gram increased from $6.52 to $6.61 year-over-year.
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The company's net loss was $67.7 million in 2018, or 82 cents per share, versus a loss of $7.8 million and 10 cents per share in 2017. The figures include non-cash, stock-based compensation charges of $21 million, a figure that stood at $100,000 in 2017.
The company’s third-quarter earnings report came just two weeks after Canada legalized cannabis Oct. 17, with no cannabis sales to report under the country's new legal adult-use framework.
In the fourth quarter, Tilray saw revenue of $15.5 million, a 203.8-percent increase over the fourth quarter of 2017 that beat the consensus estmiate of $14.45 million. Kilograms sold rose from 694 kg in the prior year period to 2,053 kg. The average net selling price per gram increased from $7.13 in the prior year period to $7.52.
Fourth-quarter EPS of negative 33 cents missed the 12-cent consensus estimate.
Why It’s Important
"2018 was a very successful year for Tilray with many corporate milestones," President and CEO Brendan Kennedy said in a statement.
"Our team made significant progress on our long-term initiatives, including increased production capacity, expanding and strengthening strategic partnerships and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis."
The deals made in fiscal 2018 that Tilray highlighted include the acquisition of Natura Naturals, a licensed Canadian cannabis producer, for $23.3 million in cash and stock. The company expanded a medical cannabis partnership with Sandoz and signed a product development pact with Anheuser-Busch’s INBEV SA BUD.
The company acquired hemp foods maker Manitoba Harvest for $317 million in cash and stock.
What’s Next
Tilray shares closed Monday's session down 0.36 percent at $72.24. At the time of publication, the stock was trading higher by 3.03 percent at $74.43 in the after hours session.
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Dustin Blitchok contributed to this report.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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