Tilray, Nanaimo, British Columbia, reported its net loss widened to US$1.73 a share from 31 cents in the year-earlier period. Revenue reached $52.1 million from $23 million.
Analysts surveyed by FactSet were expecting the company to report a GAAP net loss of 44 cents a share on revenue of $49.5 million.
"During and since the first quarter, we took significant steps to drive efficiencies across our business, enabling us to realize annualized cost savings of approximately $40 million compared to fourth quarter 2019 run rates," Chief Executive Brendan Kennedy said in a statement.
"While the positive impact of these actions are not fully reflected in this quarter’s results, they will become more clearly evident over the course of this year."
Adult-use cannabis sales more than doubled year over year to $20.9 million while total cannabis revenue revenue rose 76% year over year.
The company expanded its international operations significantly, more than tripling revenue. Tilray's international medical segment accounted for more revenue, $5.8 million, than its domestic Canadian medical segment did at $4.1 million.
Tilray sold 5,794 kilograms of cannabis in the quarter, nearly doubling the amount it sold last year.
The average selling price of the marijuana fell to $5.28 per gram from $5.60 per gram a year ago. The decrease was due to a shift in product and channel mix.
Tilray reported gross margin of 21% for the quarter.
Tilray shares at last check were off 5.8% at $7.61. They closed the regular session up 3.9% at $8.08.