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Canadian cannabis company Tilray Inc (NASDAQ:TLRY) reported first-quarter financial results after the close Tuesday.
The company posted an adjusted earnings per share loss of 27 cents, inline with consensus estimates, and sales of $23.04 million.
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What Happened
The company's revenue surged by 195 percent on the year and was significantly higher compared to analyst estimates of $20.16 million.
Excluding excise tax, Tilray said its revenue amounted to $21.5 million.
Tilray's net loss of 32 cents per share was wider than the 7-cents-per-share loss a year ago.
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The company said the increased losses where due to higher operating expenses for various growth initiatives.
During the first quarter, the company more than doubled the kilogram equivalents sold from 1,299 kg to 3,012 kg.
The average net selling price per gram fell from $5.94 a year earlier to $5.60. Excluding excise taxes, the average selling price amounted to $5.28 per gram.
Price Action
Tilray shares were surging by nearly 5 percent in after hours trading Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.