Total Revenue of $51.4 Million was Flat Versus Q3 2019 and Up 2.0% Compared to Q2 2020 - Excluding Bulk Sales in the Prior Year Period, Total Revenue Increased 25%
Total Annualized Savings of Approximately $55 Million to be Achieved by Q4 2020
Net Loss of $(2.3) Million Versus Net Loss of $(36.4) Million in Q3 2019 and $(81.7) Million in Q2 2020
Adjusted EBITDA Loss Narrowed to $(1.5) Million Compared to $(12.3) Million in Q2 2020
Q3 2020 Ending Cash Balance of $155.2 Million with $209 Million Remaining Available on ATM
NANAIMO, British Columbia--(BUSINESS WIRE)--Nov. 9, 2020-- Tilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, reports financial results for the third quarter ended September 30, 2020. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“Our third quarter results demonstrate the significant progress we have made throughout the organization despite the unprecedented challenges presented by the COVID-19 pandemic. We realized solid year over year revenue growth in our core businesses and have achieved a significantly more focused, efficient and competitive cost structure, all of which position Tilray for future success. We look forward to building on these accomplishments and remain focused on our goal of achieving break-even or positive Adjusted EBITDA in the fourth quarter,” said Brendan Kennedy, Tilray’s Chief Executive Officer.
Third Quarter 2020 Financial Highlights
- Total revenue of $51.4 million (C$68.1 million) was flat compared to the third quarter of 2019. Cannabis segment revenue decreased 11% to $31.4 million(C$41.6 million), due to the discontinuation of bulk sales and a slight decrease in Canada Medical sales. Adult-Use and International Medical sales grew 26% and 42%, respectively. Excluding the year-over-year impact related to bulk sales, total cannabis revenue increased 24%. Hemp segment revenue increased 28% to $20.0 million (C$26.5 million).
- Total revenue increased 2% compared to the second quarter of 2020. Cannabis segment revenue increased 4%, driven by a 13% increase in Adult-Use sales which was offset by a 11% decrease in Canada Medical sales, a 3% decline in International Medical sales, and a 1% decline in Hemp sales.