Business
Tilray, Inc. Reports 2020 Second Quarter Results
Revenue Increased 10% to $50.4 Million (C$69.4 Million) versus Q2 2019 Cost Savings of $13.0 Million Realized in Q2 2020 – on Pace for Total Annualized
About this update from Tilray Brands, Inc.
[{"type":"text","content":"\nRevenue Increased 10% to $50.4 Million (C$69.4 Million) versus Q2 2019 \n\n\nCost Savings of $13.0 Million Realized in Q2 2020 – on Pace for Total Annualized Savings of Approximately $55 Million \n\n\nNet Loss of ($81.7) Million increased $45.4 Million versus Q2 2019 Partially Due to Facilities Closure and Inventory Adjustments\n\n\nAdjusted EBITDA Loss of ($12.3) Million Represents 32% Improvement compared to both Q2 2019 and Q1 2020\n\n\n$137 Million Q2 2020 Ending Cash Balance and $250 Million Remaining on ATM\n\n NANAIMO, British Columbia--(BUSINESS WIRE)--\nTilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, reports financial results for the second quarter ended June 30, 2020. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.\n\n\n“Since the beginning of 2020 we have taken bold and significant actions to position Tilray for future growth and success. We have focused on reducing costs, driving international revenue growth, mitigating COVID-19 related challenges, and improving our net loss and reported Adjusted EBITDA. Today’s results demonstrate significant progress in all these areas.\n\n\nDespite a challenging business environment, we generated healthy year-over-year revenue growth, we significantly reduced our cost structure and cash burn, and we improved our Adjusted EBITDA and net loss compared to both the prior quarter of 2019 and the first quarter of 2020. We are particularly encouraged by the revenue growth of our International Medical business during the second quarter. International Medical revenues now exceed those of our Canadian Medical business and we anticipate growth in this segment to outpace our other segments in the coming quarters.\n\n\nWith our significant cost cutting and balance sheet actions behind us, we have positioned Tilray to enter the second half of 2020 in a stronger position so we can remain focused on achieving profitable growth in all our markets and deliver break-even or positive Adjusted EBITDA in the fourth quarter of 2020.” said Brendan Kennedy, Tilray’s Chief Executive Officer.\n\n\nSecond Quarter 2020 Financial Highlights\n\n\n\nRevenue increased 10.0% to $50.4 million (C$69.4 million), compared to the second quarter of 2019. Growth was driven b...