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Shares of Canadian cannabis company Tilray (TLRY) - Get Tilray Brands, Inc. Report  were falling more than 11% in premarket trading Wednesday to $40.90 following the company's second-quarter earnings miss. The stock, however, could get a boost from a bullish note from Piper Jaffray. 

The Nanaimo, British Columbia, company reported an adjusted loss of 32 cents a share against the FactSet-derived analyst consensus of a loss of 25 cents.  Revenue more than quadrupled to $45.9 million. Analysts were expecting revenue of $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.

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Analysts at Piper Jaffray believe that while Tilray will face some near-term headwinds it is still well-positioned to be the big winner in the cannabis space. 

"We expect Tilray to remain in investment mode to drive growth and do not expect positive earnings in near-term," analyst Michael Lavery wrote. 

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.