Tilray (NASDAQ:TLRY) announced its 2019 fourth-quarter and full-year results after the market closed on Monday. The Canadian cannabis producer also reported that it had signed and closed a senior credit facility for $60 million on Feb. 28, 2020, to shore up its financial position.
Huge revenue growth
The company generated revenue of $46.9 million in the fourth quarter, up 202% year over year. Full-year 2020 revenue totaled nearly $167 million, a 287% jump over the prior year.
Nearly 60% of Tilray's revenue increase in Q4 stemmed from the company's acquisition of hemp-food maker Manitoba Harvest. Tilray reported sales of $17 million in the Canadian adult-use recreational marijuana market, up 265% year over year. Medical cannabis revenue in Canada and in international markets totaled $3.3 million and $4 million, respectively, reflecting year-over-year increases of 17% and 280%. Bulk cannabis revenue in Q4, though, declined 44% from the prior-year period to $3.9 million.
Tilray's bottom line didn't look as great. The company reported a net loss in Q4 of $219.1 million, or $2.14 per share. Its net loss for the full year 2020 was $321.1 million, or $3.20 per share.
The company continues to spend more than it makes. Its bottom line was also negatively affected by inventory valuation adjustments and impairment of assets related to its Authentic Brands Group agreement.
Like other Canadian marijuana stocks, Tilray faces several challenges. However, CEO Brendan Kennedy said the company's diversified business model "positions us well in the current volatile market environment."