Tilray has reported narrowing losses during its fourth quarter while sales came in well above analyst estimates, leading to a bump in stock price.
The Canadian cannabis giant published its full-year results for the fiscal year 2023 on Wednesday, reporting a net loss for the year of $1.4bn.
Despite this, the results were viewed relatively favourably by investors due to the $119.8m loss it booked in Q4, which represented a significant improvement on the $457.8m loss recorded in the same period a year earlier.
While the Q4 loss came well above analyst expectation, its revenue for the period increased by 20% year-on-year from $153.3m to $184.2m, significantly outperforming expectations.
Tilray’s EBITDA for the quarter also came above analysts’ predictions of $20m, at $22.2m.
Although cannabis net revenues also performed strongly in Q4, rising from $53m to $64m year-on-year, Tilray’s sales performance on an annual basis was not so positive.
For the fiscal year 2023, cannabis revenues were down 7.1% to $220.3m, while distribution sales and wellness sales also decreased by 0.3% and 11% respectively.
In Canada, the company’s medical cannabis sales dropped by 17% to $25m year-on-year, while recreational sales saw a slight uptick of 2.4% to $214.3m.
Wholesale cannabis sales and international cannabis sales both fell significantly, by 79% and 19% respectively.
Looking ahead, Tilray said it expects to achieve EBITDA of between $68m and $78m in the upcoming fiscal year.