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Tilray, Inc. (TLRY: TSX) (TLRY: Nasdaq) tried to pull a fast one on the market and quietly reported quarterly financial results without a issuing a press release or holdings a conference call.
After reading into the numbers, we are not surprised by Tilray’s decision to quietly announce its last quarterly financial report as a stand-alone business. Today, we have highlighted 7 important takeaways from the earnings report and believe that our readers should be aware of these metrics:
- When compared to the same period last year, quarterly revenue fell to$48 million from $52 million
- The average net selling price per gram fell by 5% when compared to the same period last year
- The amount of kilograms that were sold by Tilray increased by 8% when compared to the same period last year
- When compared to the same period last year, total kilograms harvested increased by 15% and this is primarily due to the additional operating capacity at the Portugal facility
- As it relates to hemp products, the average price per unit fell by more than $4.50 when compared to the prior quarter
- Tilray reported that cannabis 2.0 products have become a larger percentage of revenue
- After the earnings report, Piper Sandler lowered its price target on Tilray to $15 from $26
In pre-market trading, Tilray is trending lower, and the market does not seem to be pleased with the results. We are surprised by the company’s decision to not issue a press release and will monitor how the management team responds to this.
Going forward, we will monitor how broker-dealers responds to Tilray’s earnings. If you are interested in learning more about Tilray, please send an email to support@technical420.com with the subject “Tilray” to be added to our distribution list.
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