Canadian marijuana company Tilray Inc. released its full year 2018 financial report this week along with its fourth quarter financial results.
Brendan Kennedy, President and Chief Executive Officer of Tilray stated, “2018 was a very successful year for Tilray with many corporate milestones. Our team made significant progress on our long-term initiatives including increasing production capacity, expanding and strengthening strategic partnerships, and acquiring complementary businesses to accelerate our future growth and leadership position in medical and adult-use cannabis.”
He added, “Looking ahead, we remain committed to pursuing global growth opportunities and will be disciplined in deploying capital, particularly in the United States and Europe, where we believe we have multiple paths for value creation.”
For 2018, the company reported that revenue increased to $43.1(C$56.4) million, up 110.0% compared to last year. Total kilogram equivalents sold increased over two-fold to 6,478 kilograms from 3,024 kilograms in the prior year.
Net loss for the year was $67.7 million, or $0.82 per share, compared to $7.8 million, or $0.10 per share, for 2017. Net loss includes non-cash stock-based compensation charges of $21.0 million compared to a $0.1 million charge in the prior-year.
Adjusted EBITDA was a loss of $33.1 million compared to a loss of $5.5 million the prior year.
For the fourth quarter, revenue increased to $15.5(C$20.9) million, up 203.8% compared to the fourth quarter of last year. Total kilogram equivalents sold increased almost three-fold to 2,053 kilograms from 694 kilograms in the prior year period.
Net loss for the quarter was $31.0 million or $0.33 per share compared to $3.0 million or $0.04 per share for the prior year period. Net loss includes non-cash stock-based compensation charges of $4.1 million compared to $34 thousand in the prior year period. Adjusted EBITDA was a loss of $17.8 million compared to a loss of $2.1 million the prior year period.
The company also noted highlights from last year including the expanding strategic alliance with Sandoz, a Novartis Division, globally to increase access to medical cannabis products to patients in need across the world.
The company also announced research and development partnership with AB InBev focused on non-alcohol THC and CBD beverages.