Categories AlphaGraphs, Cannabis, Earnings

Tilray cuts down on losses despite flat revenue growth in Q3

Tilray (NASDAQ: TLRY) reported third-quarter 2020 financial results after the regular trading hours on Monday. The cannabis firm reported Q3 revenue of $51.4 million, flat year-over-year, and lower than the Wall Street projection. Meanwhile, net loss of $0.02 per share was much better than what analysts had anticipated.

TLRY shares rose 5% immediately following the announcement. The stock has fallen 37% since the beginning of this year.

Tilray Q3 2020 earnings infographic

Looking forward to listening to management/ analyst comments on Q3 results? Stay tuned here for Tilray Q3 2020 earnings call transcript

The company attributed its flat growth in Q3 revenues to the discontinuation of bulk sales and a slight decrease in Canada Medical sales. However, Tilray expects to deliver positive or breakeven adjusted EBITDA in the fourth quarter of 2020, due to the recent improvements in Q3.

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