The British Columbia-based company reported a net loss of $3 million, or 2 cents per share, on revenue that rose 20.5% year-over-year to $56.6 million. A year ago, the company reported a net loss of $219.8 million, or $2.14 per share.
Analysts polled by FactSet were expecting a loss of 14 cents per share on sales of $56 million.
"Over the course of 2020, and despite COVID-19 related challenges, we transformed and strengthened Tilray, delivered solid full year results, significantly reduced net loss and achieved our stated goal of delivering break even or positive Adjusted EBITDA in Q4 2020," said CEO Brendan Kennedy.
Tilray shares were up 11.7% to $35.18 after-hours Wednesday, after declining 9% during the day.
The company's revenue growth was fueled by a 191% jump in international medical sales and a nearly 50% jump in Canadian adult-use sales. The company also said it reduced costs by $57 million.
The average cannabis net selling price rose to $5.97 per gram from $1.88 per gram a year ago, but fell from $6.15 per gram quarter-to-quarter.
Gross margins increased to 29% from negative 121% a year ago and 7% in the previous quarter. Adjusted gross margins increased to 33% from 29% quarter to quarter.
The company said it expects its blockbuster merger with fellow Canadian cannabis company Aphria (APHA) - Get Aphria Inc Report to close in the second quarter this year and achieve over C$100 million ($78.7 million) in anticipated pre-tax synergies.
Last week, Jim Cramer pointed out that the recent action in Sundial Growers resembled pump and dump action.
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