Tilray (TLRY) - Get Report shares rose in after-hours trading Monday following a mixed quarterly report for the cannabis company which saw a wider-than-expected loss but revenue that topped expectations
Shares rose more than 3% after hours Monday as the Canadian cannabis company reported a 204% increase in year-over-year revenue to $15.5 million, and a net loss of 33 cents per share. Analysts were expecting revenue of $14.1 million on a net loss of just 14 cents per share.
For the full year, revenue increased 110% to $43.1 million, which also topped Wall Street's expectation of revenue of $41.8 million.
"2018 was a very successful year for Tilray with many corporate milestones. Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships, and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis," said CEO Brendan Kennedy.
The company has been on an acquisition spree in order to ramp its production capacity and diversify its holdings.
Tilray acquired Manitoba Harvest, which it bills as the world's largest hemp food company, in a cash and stock deal for about $318 million in February. It also purchased Natura Naturals for $52 million in January in order to "significantly increase its Canadian cannabis footprint."
During the fourth quarter, Tilray tripled the amount of cannabis it sold to 2,053 kilograms from 694 kilograms a year ago. The average net selling price per gram rose to $7.52 from $7.13.
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