Cannabis company Tilray, Inc. (NASDAQ: TLRY) Tuesday announced financial results for the third quarter of 2024, reporting a narrower net loss and double-digit revenue growth.
The company reported a net loss of $105 million or $0.12 per share for the three months ended February 2024, compared to a loss of $1.20 billion or $1.90 per share in the prior year period. Adjusted cannabis gross profit decreased by 5% year-over-year to $21.1 million in Q3.
The improvement in bottom line performance reflects a 29% growth in third-quarter revenues to $188.3 million. At $10.2 million, adjusted EBITDA was down 23%.