Tilray, Inc. (NASDAQ: TLRY) operates as a cannabis lifestyle and consumer packaged goods company, which maintains operations across North America, Latin America, Europe, and Australia. The cannabis company’s production and cultivation supports over 20 brands across different forms of cannabis. Shares of the Canada-based cannabis company is jumping 25%, through early trading on Wednesday, July 28, 2021. Over the past three months, Tilray has seen average daily volume of 25.76 million shares. However, volume of 93 million shares or dollar volume of $1.48 billion, has already exchanged hands through early trading on Wednesday.
Shares of Tilray are gaining after the company reported fiscal year 2021 and fourth quarter financial results for the period ending May 31, 2021. For the fiscal fourth quarter, Tilray saw net revenues soar 25% to $142.2 million, up from $113.5 million from the same period last year. Net income for fiscal Q4 came in at a surprising $33.6 million, compared to a net loss of $84.3 million last year. Adjusted EBITDA soared 285% to $12.3 million and free cash flow increased 112% to $3.3 million.
For the fiscal year 2021, Tilray reported net revenue growth of 27% to $513.1 million, compared to $405.4 million in fiscal 2020. Net loss for the fiscal year did come in at $336 million, compared to a net loss of $100.8 million in fiscal 2020. However, management notes that the increased loss was mainly due to $63.6 million worth of transaction costs related to its acquisitions. Adjusted EBTIDA skyrocketed 598% to $40.8 million in fiscal 2021.
Tilray’s management noted that the Aphria acquisition and integration has achieved $35 million in synergies to-date. However, management sees further upside to $80 million in synergies. During the fiscal fourth quarter, Tilray saw cannabis revenues surge 55% and over-took the number one position in Canada’s cannabis market share.
Tilray’s Chairman and Chief Executive Officer, Irwin D. Simon, stated, “Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources and operational excellence position us optimally to capitalize on the opportunity. In a very short period of time since our business combination was finalized, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions and achieved $35 million in synergies to date – well on our way to delivering $80 million in cost savings over the next 16 months.”
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