The Nanaimo, BC-based company’s net loss increased to US$30.3 million, or $0.32 per share, compared to a loss of $5.2 million, or $0.07 per share, during the same period last year.
Analysts were expecting a loss of around $0.23 for the quarter.
Revenue for the quarter rose to US$23 million (C$31 million), a 195% increase from US$7.8 million during the year-ago period.
“We are pleased with our first quarter results and the ongoing, substantial progress our team has made to position Tilray as a global leader in the cannabis industry,” said Brendan Kennedy, Tilray’s president and CEO.
Kennedy highlighted the progress that Tilray has made integrating its recent acquisitions of Manitoba Harvest and Natura Naturals, which accelerates the company’s entry into the United States hemp and CBD markets.
The company has also bulked up its presence in North America and Europe. “As we expand our operations around the world, we remain focused on making disciplined investments to maximize the multiple paths to value creation we are aggressively pursuing for our visionary investors,” Kennedy said.
Roth analyst weighs in
In an analyst note released Wednesday, Roth Capital Partners reiterated its Neutral rating but did not offer a price target, citing "unprecedented volatility."
Analyst Scott Fortune argued the company was "playing catch-up" in terms of acquiring long-term supply, but noted the high upside of CBD markets.
Tilray is a global company focused on the research, cultivation, production and distribution of cannabis and cannabinoids in twelve countries and five continents.
Shares of Tilray dropped 4.8% to US$46.41 Wednesday morning.
—This story was updated to include a Roth analyst note—
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