Tilray Inc. Reports Mixed Third Quarter Financials | Financial Buzz

Tilray Inc. Reports Mixed Third Quarter Financials

Tilray, Inc. (NASDAQ: TLRY) reported financial results for the third quarter and nine months ended September 30, 2018 this Tuesday. The earnings showed mixed results, sending stock price down after trading hours.
The cannabis producer and distributor reported a revenue increased to $10.0(C$12.9) million, up 85.8% compared to the third quarter of last year. The increase in revenue was driven by increased patient demand, bulk sales to other Licensed Producers, and accelerated wholesale distribution in export markets.
The company has reported a significantly larger net loss however – $18.7 million or $0.20 per share for the quarter, compared to $1.8 million or $0.02 per share for the third quarter of 2017. Tilray indicated that the net loss includes non-cash stock based compensation charges of $11.2 million compared to a $35 thousand charged in the prior year period. 
“The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter,” said Brendan Kennedy, President and Chief Executive Officer of Tilray. “We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world. Going forward, the demand for our products is strong and we remain committed to expanding our leadership in the global medical and adult-use cannabis markets.”