Tilray Inc (NASDAQ:TLRY) reported a narrowed net loss and a significant increase in net revenue for the second quarter ending November 30.
The company's net loss decreased to US$46.2 million from US$61.6 million in the same period a year earlier, while its net revenue rose 34% to US$193.8 million.
Tilray’s positive financial performance is attributed to the company's strategic acquisitions and revenue growth, including the recent acquisition of eight beer and beverage brands from Anheuser-Busch.
Despite its record revenue figures, Tilray’s shares fell over 8% in early Tuesday trading in New York and Toronto to reach US$2.13 and C$2.87, respectively.
Tilray's adjusted earnings before interest, taxes, depreciation and amortization subsequently slipped to $10.1 million during the three months ended on Nov. 30, below Bloomberg consensus expectations of $13.9 million.