Tilray, Inc (NASDAQ: TLRY) rose in Wednesday morning trading after reporting a second-quarter sales beat.
The company, based in Nanaimo, B.C., reported revenue increased to $9.7 million, up 95.2% compared to the second quarter of last year. The increase in revenue was driven by increased patient demand in Canada, sales to other Licensed Producers and international sales.
Total kilogram equivalents sold increased 745 kilograms to 1,514 kilograms, or 97%, compared to the prior year.
Average net selling price per gram increased from $6.20 to $6.38 for the three months ended June 30, 2017 and 2018, respectively. The increase was primarily due to growth in higher potency product and extract sales, partially offset by an increase in wholesale revenues.
Net loss for the quarter was $12.8 million compared to $2.4 million for the second quarter of 2017. Net loss includes non-cash stock compensation charges of $5.6 million compared to a $35 thousand charged in the prior year period. Adjusted EBITDA was a loss of $4.7 million compared to a loss of $1.9 million the second quarter last year.
The increased net loss and Adjusted EBITDA decline was primarily due to the increase in operating expenses related to continued growth, expansion of international teams, and costs related to financing and the initial public offering.
Said CEO Brendan Kennedy, "We are very pleased with our strong start to 2018. Tilray is well-positioned to continue to pioneer the development of the global medical cannabis market and to become a leader in the adult-use cannabis market in Canada."
Shares spiked $6.80, or 13.2%, to $58.30
