Cannabis company Tilray, Inc. (NASDAQ: TLRY) Monday reported a wider net loss for the second quarter of 2020, despite a marked increase in revenues.
Revenues of the Canada-based company increased by 10% to $50.4 million in the June quarter but fell short of the forecast. The growth reflects strong performance by the cannabis adult-use and international-medical channels.
Meanwhile, net loss widened to $81.69 million or $0.66 per share in the second quarter from $36.3 million or $0.37 per share in the comparable period of 2019. Analysts were looking for a narrower loss for the latest quarter.
Tilray’s stock has fallen 74% in the past twelve months. The stock closed Monday’s regular session higher but dropped sharply during the extended session soon after the announcement.