Proactive Investors - Tilray Inc (NASDAQ:TSX:TLRY) fell more almost 22% on Tuesday after the cannabis firm unveiled worse-than-expected revenue for the third quarter.
Revenue increased 29% to US$188.34 million, Tilray reported, but this was short of expectations for the figure to hit US$198.3 million.
Adjusted profits, on the other hand, were better than the Street had expected. Adjusted earnings per share (EPS) were break-even compared to estimates of a US$0.05 loss per share.
Net losses decreased from US$1.2 billion to US$105 million year on year. Its net loss per share narrowed to US$0.12.
Tilray noted it was “in place to strike” if any reforms on cannabis policy were introduced in the US.
The group also noted a 165% jump in beverage-alcohol net revenue and highlighted leading market share positions in Canada and Germany.
“Our playbook of expanding our cannabis business to complementary markets such as beverages and hemp-based consumer products has positioned us well to navigate the current environment and to benefit from future growth opportunities,” chair Irwin Simon said.
“We have become the most dynamic and diversified cannabis-lifestyle and consumer products company globally as we lead and advance global cannabis, fuel consumer needs in wellness foods and snacks, and disrupt craft beverages.”
Shares of Tilray had sunk 21.5% to US$2.04 late morning on Tuesday.
- Updated with share price movement -