Revenue was up to US$9.7mln (C$12.7mln), up an eye-popping 95.2% compared to the second quarter of last year. The increase in revenue was driven by increased patient demand in Canada, sales to other licensed producers and international sales.
“We are very pleased with our strong start to 2018. Tilray is well-positioned to continue to pioneer the development of the global medical cannabis market and to become a leader in the adult-use cannabis market in Canada,” said Brendan Kennedy, president and chief executive officer of Tilray.
“In the second quarter, we generated significant revenue growth as a result of our global strategy, our multinational distribution network and our commitment to research, innovation, quality and operational excellence.”
The market reacted strongly on Wednesday, as Tilray's stock in New York jumped up more than 22% to hit a 52-week high of US$62.75. It was trading midday up 21% at US$62.33.
According to the company, total kilogram equivalents sold increased 745 kilograms to 1,514 kilograms, or 97%, compared to the prior year.
Average net selling price per gram increased from US$6.20 to US$6.38 (C$8.12 to C$8.36) for the three months ended June 30, 2017 and 2018, respectively. The company announced the increase was due to growth in higher potency product and extract sales.
Net loss for the quarter was US$12.8 million compared to US$2.4 million for the second quarter of 2017. the net loss also includes non-cash stock compensation charges of US$5.6 million compared to a US$35 thousand charged in the prior year period.
Adjusted EBITDA was a loss of $4.7 million compared to a loss of $1.9 million the second quarter last year.
The increased net loss and adjusted EBITDA decline was primarily due to the increase in operating expenses related to continued growth, expansion of international teams, and costs related to financing and the initial public offering (“IPO”).
Shares of Tilray were down 3.6% on Tuesday.