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.
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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