Tilray Inc. shares rose 5% in the extended session Tuesday after the Canadian weed maker topped consensus revenue estimates by nearly tripling sales, but lost more money than analysts expected.
The company reported first-quarter net losses of $30.3 million, or 32 cents a share, widening from $5.2 million, or 7 cents a share, in the year-ago period. Tilray’s TLRY, +4.84% revenue rose to $23 million from $7.8 million in the year-ago period. Analysts surveyed by FactSet had estimated losses of 25 cents a share on revenue of $20.5 million. For the second quarter, analysts model losses of 25 cents a share on sales of $42.2 million.
Tilray said it sold $7.9 million worth of recreational marijuana in the quarter, and $7.8 million worth of medical cannabis — directly to patients and in bulk. Overall, it sold the equivalent of 3,012 kilograms of pot.
Tilray stock has fallen 37% in the past three months, as the S&P 500 indexSPX, +0.80% has gained 2.4%. The Horizons Marijuana Life Sciences Index ETF has lost 2.3% in the past three months.
Tilray Inc. shares rose $3.46 (+7.10%) in after-hours trading Tuesday. Year-to-date, TLRY has declined -30.90%, versus a 13.90% rise in the benchmark S&P 500 index during the same period.
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