Business
Tilray, Inc. Reports First Quarter 2020 Financial Results
Quarterly Revenue Increased 126% to $52.1 Million (C$70.7 Million) Compared to the First Quarter of 2019 and 11% Sequentially from the Fourth Quarter of 2019
About this update from Tilray Brands, Inc.
[{"type":"text","content":"\nQuarterly Revenue Increased 126% to $52.1 Million (C$70.7 Million) Compared to the First Quarter of 2019 and 11% Sequentially from the Fourth Quarter of 2019\n\n\nInternational Medical Cannabis Sales Exceeded Canada Medical Sales by 43% in the Quarter\n\n\nImplemented Cost Reductions Designed to Achieve Approximately $40 Million Annualized Savings \n\n\nReduced Net Loss by $35 Million, or 16%, Compared to the Fourth Quarter of 2019\n\n\nImplemented COVID-19 Related Protocols to Ensure the Health of Our Global Workforce and Satisfy Patient and Consumer Needs \n\n\nFocused on Achieving Positive Adjusted EBITDA by End of the Fourth Quarter of 2020\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 first quarter ended March 31, 2020. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.\n\n\n“We are pleased to report strong sequential quarterly revenue growth across each of our core business segments for the first quarter of 2020,” says Brendan Kennedy, Tilray’s Chief Executive Officer. “We remain focused on executing on our long-term growth opportunities and our goal of generating positive Adjusted EBITDA by the end of the fourth quarter. As evidenced by our International Medical sales in the quarter, we expect this segment to demonstrate continued growth and positively impact margins. During and since the first quarter, we took significant steps to drive efficiencies across our business, enabling us to realize annualized cost savings of approximately $40 million compared to fourth quarter 2019 run rates. While the positive impact of these actions are not fully reflected in this quarter’s results, they will become more clearly evident over the course of this year.”\n\n\nFirst Quarter 2020 Financial Highlights\n\n\n\nRevenue increased 126.2% to $52.1 million (C$70.7 million), compared to the first quarter of last year. Growth was driven by cannabis sales, which experienced meaningful increases across all channels with the exception of bulk, and the inclusion of the Manitoba Harvest acquisition for a full quarter in 2020 compared to a partial quarter in the prior year.\n\n\nRevenue increased 11.0% compared to the ...