Tilray Inc. saw very little revenue growth from cannabis sales in a Monday earnings report, but narrowed its losses and promised adjusted profitability in the fourth quarter, sending shares higher in late trading after a staggering run-up in pot stocks on the heels of the U.S. election.
Tilray stated that the stagnant revenue total was a result of bulk cannabis sales in last year’s third quarter that did not repeat in 2020. Chief Executive Brendan Kennedy said that the rest of the company’s business was growing while he was cutting costs, leading to the narrower losses. After very nearly breaking even in the third quarter on an adjusted-Ebitda basis — a loss of $1.5 million — Tilray stated that it would break through with adjusted profit in the fourth quarter.