Tilray booked $52.1 million in revenue for the quarter, 11% more than the preceding quarter's result, and 126% higher on a year-over-year basis. On the bottom line, it booked a net loss of $184 million ($1.73 per diluted share), an improvement over the preceding quarter's $219 million but a much deeper loss than Q1 2019's $29 million.
Revenue was higher than analysts' average estimate of just over $50.6 million. However, those forecasters collectively predicted a net loss of only $0.42 for the period.
Tilray achieved year-over-year sales growth in all of its product categories, in some cases at dramatic rates. Revenue from its core recreational marijuana business rose by 165% to slightly more than $20.9 million. More robust growth came from hemp sales; these climbed almost 300% to $21.3 million (although this was due to a fuller consolidation of its hemp business, Manitoba International, during the quarter).
Revenue in its international medical marijuana segment leaped 221% to $5.8 million, and Tilray is bullish about the future of that market. "As evidenced by our International Medical sales in the quarter, we expect this segment to demonstrate continued growth and positively impact margins," the company wrote in its earnings release.
But investors appeared dismayed by the latest in a string of quarterly losses for the company. Tilray shares were down by almost 6% after hours in the wake of its earnings release late Monday. As of 11:40 a.m. EDT Tuesday, they had recovered somewhat, but remained down by about 3%.