Shares of Canadian cannabis company Tilray (TLRY) - Get Tilray Brands Inc. Report are up 4.2% in after-hours trading after the company reported first-quarter revenue that easily topped analyst estimates for the period.
Tilray reported a 195% year-over-year jump in revenue to $23 million, yielding a net loss of 27 cents per share. Analysts were expecting the company to report revenue of $20.5 million, yielding a net loss of 25 cents per share.
"We are pleased with our first quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry," said Brendan Kennedy, Tilray President and CEO. "We have made significant progress integrating our recent acquisitions of Manitoba Harvest and Natura Naturals, accelerating our entry into the United States hemp and CBD markets, and increasing our production and manufacturing capacity in North America and Europe. As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors."
Adult-use and medicinal products continued to account for the majority of the company's revenue, totaling $7.88 million and $7.76 million in revenue in the quarter, respectively.
The company reported a decline in average net selling price per gram to $5.60 from $5.94 per gram while gross margins increased sequentially to 23% from 20%.