Nanaimo, BC-based cannabis licensed producer
Tilray Inc. (
NASDAQ: TLRY) announced its annual loss to $271 million for 2020, according to the full-year and fourth-quarter results released Wednesday. The numbers were an actual improvement an improvement from the company’s $321 million loss in 2019.
Brendan Kennedy, Tilray’s Chief Executive Officer, commented:
“Over the course of 2020, and despite COVID-19 related challenges, we transformed and strengthened Tilray, delivered solid full year results, significantly reduced net loss, and achieved our stated goal of delivering break even or positive Adjusted EBITDA in Q4 2020. We did so by generating meaningful revenue growth across our core businesses, particularly international medical and Canadian adult-use in Q4, and reducing costs by $57 million on an annualized basis compared to Q4 of 2019. As a result, we now operate with a more focused, efficient and competitive cost structure. We also strengthened our balance sheet and positioned Tilray for growth and success in the future in combination with Aphria. These results required hard work and dedication and I sincerely appreciate everything the Tilray team has done to transform our business during 2020. We now look forward to the beginning of the next chapter in our corporate journey.”
TLRY stock was down just over 9% at the end of day trading on the Nasdaq.
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