NANAIMO – Cannabis producer Tilray Inc. posted $6 million in net income in the second quarter, which ended November 30, the company announced January 10.
That compares with a net loss of approximately US $89 million in the same quarter last year.
The company states its net income for the quarter broke even on a per share basis, compared with a loss of 41 per cents per share in the same quarter last year. The numbers pushed Tilray’s shares to $9.39 in trading, a rise of 15 per cent, and noted its revenue climbed by about 20 percent to reach US$155 million, up from US$129 million during the same period last year.
Tilray closed down its facilities in Nanaimo and Enniskillen B.C. during the quarter, and has started an SKU and brand rationalization program to get its costs in check.
About US$58.8 million or 38 per cent of that revenue in its most recent quarter came from its cannabis business, while US$13.7 million or 9 per cent was attributable to its SweetWater Brewing business and another 9 per cent or US$13.8 million came from Manitoba Harvest.
“We have definitely protected our margins on the way down and I think, as a licensed producer, we have more room than a lot of our competitors do to be able to take from our pricing,” Tilray President Blair MacNeil said. “The market is getting very diluted and we are going to ramp up our innovation in a big way to fight that.”