Cannabis producer Tilray cut its annual loss to $271 million for 2020, an improvement from the Nanaimo, British Columbia company’s $321 million loss in 2019, according to the full-year and fourth-quarter results released Wednesday.
Tilray, which is on the verge of being merged with Canadian peer Aphria, lost only $3 million in its fourth quarter ended Dec. 31, 2020.
Adjusted EBITDA was $2.2 million.
Fourth-quarter revenue improved over the previous quarter in three key areas:
Adult-use cannabis sales rose to $25.4 million (27% higher).
Canadian medical revenue was $4.2 million (24% higher).
International medical revenue was $11.7 million (44% higher).
Tilray reports its financials in U.S. dollars.
Overall revenue rose to $56.6 million in the quarter, up from $51.4 million for the July-September period.
Revenue attributed to cannabis was $41.2 million, up from the previous quarter’s $31.4 million.
Hemp revenue, on the other hand, fell 23% quarter-over-quarter to $15.3 million.
Tilray said its combination with Aphria is expected to close in the second quarter of this year.
“Scale matters, in both Canada and beyond,” CEO Brendan Kennedy said during a conference call with analysts.
“The combined company will be the largest global cannabis company based on pro forma revenue, with scale and breadth across geographies and complete portfolio of market-leading brands in all major cannabis product categories.
“We are in the early stages of the continued development and expansion of the global cannabis market.”
The company reported cash of $261.3 million as of Feb. 16, 2021.