Proactive Investors - Tilray Inc (NASDAQ:TSX:TLRY) fell over 15% in pre-market trading after the cannabis firm unveiled worse-than-expected losses for the third quarter.
Net losses decreased from US$1.2 billion to US$105.0 million year on year, Tilray reported.
However, at US$0.12 a share, this was worse than FactSet consensus estimates for a US$0.5 loss.
Revenue increased 29% to US$188.34, but also came in short of expectations for the figure to hit US$198.3 million.
Tilray noted it was “in place to strike” if any reforms on cannabis policy were introduced in the US.
The group also noted a 165% jump in beverage-alcohol net revenue and highlighted leading market share positions in Canada and Germany.
“Our playbook of expanding our cannabis business to complementary markets such as beverages and hemp-based consumer products has positioned us well to navigate the current environment and to benefit from future growth opportunities,” chair Irwin D. Simon said.
“We have become the most dynamic and diversified cannabis-lifestyle and consumer products company globally as we lead and advance global cannabis, fuel consumer needs in wellness foods and snacks, and disrupt craft beverages.”
Shares fell 15.5% to US$2.19 in pre-market trading following the update.