Tilray net loss shrinks to $2.3 million in third quarter

British Columbia-based marijuana producer Tilray reported third-quarter results showing flat total revenue growth compared the same quarter a year before.

Tilray, which reports in U.S. dollars, booked $51.4 million in revenue for the third quarter of its 2020 fiscal year, which ended Sept. 30.

That included $31.4 million in cannabis income, plus nearly $20 million in revenue from hemp operations.

The company’s net loss for the quarter was $2.3 million, a significant improvement over the previous quarter’s $81.7 million net loss.

Tilray’s adjusted EBITDA loss was $1.5 million.

In a news release, Tilray attributed its narrowing EBITDA loss to “significant efforts to implement cost reductions and operating efficiencies.”

Tilray was one of a number of Canadian cannabis producers to cut its greenhouse capacity this year, closing a large production facility in May.

“Given the broad based improvements we have achieved through the third quarter of 2020, we believe we are poised to deliver positive or break-even adjusted EBITDA in the fourth quarter of 2020,” Tilray’s release said.

At quarter’s end, Tilray’s balance sheet showed $155.2 million cash and cash equivalents, plus $209 million remaining on an at-the-market offering, which the company said was enough capital “to manage operations and execute plans for the remainder of 2020 and well into 2021.”

The company said work on its Portuguese facility should be completed by the end of the fourth quarter.

Tilray shares trade on the Nasdaq exchange as TLRY.