The Nanaimo, British Columbia, company reported an adjusted loss of 32 cents a share against the FactSet-derived analyst consensus of a 25-cent loss. Revenue more than quadrupled to $45.9 million. Analysts were expecting $41.1 million.
The wider loss and a decline in adjusted earnings before interest, taxes, depreciation and amortization were driven by increased operating expenses tied to growth initiatives, Tilray said.
The company reported a drop in average net selling price per gram to $4.61 from $6.38 a year earlier as the sales mix reflected less of higher-priced extracts and more of lower-priced adult-use product.
Adult-use revenue nearly doubled in Q2 compared with the first quarter and gross margin widened sequentially for the second straight quarter, Brendan Kennedy, president and chief executive, said in a statement.
Tilray shares fell $3.62, or 7.8%, to $42.40 in after-hours trading. They'd risen 8.4% to $46.02 in the regular session Tuesday.