Global cannabis firm Tilray Inc. widened its net loss in the first quarter of the fiscal year 2022 even as it posted double-digit growth in revenues, the company announced in a filing.
Net revenue increased by 43% to $168.023 million, following the 38% growth in net cannabis revenue to $70 million, net beverage alcohol revenue of $15 million, and wellness revenue of $15 million.
Net loss widened 59% to $34.604 million from $21.744 million a year ago, and a reversal of the $34.605 million income recorded in the previous quarter. Diluted loss per share stood at $0.08 versus $0.09 earlier.
Chairman and Chief Executive Irwin Simon said the company seeks to capitalize on the nearly $200-billion global cannabis market through maximizing leadership in both higher-margin international medical markets and in Canada.
Cost-saving synergies for the period stood at $55 million on a run-rate basis today, with actual cash savings hovering around $20 million.