Jason Lawson: Tilray's Q1 net loss widens to US$184.1 million amid layoffs and restructuring

NANAIMO, B.C. — Tilray Inc. says its net loss widened in its first quarter as it laid off 10 per cent of its workforce and restructured the company.

The Nanaimo, B.C.,-based cannabis firm, which reports its earnings in U.S. dollars, says its net loss for the period ended March 31 amounted to $184.1 million or $1.73 per share.

article continues below

Trending Stories

One person killed, two in hospital after explosion and fire at North Saanich Marina
Lawrie McFarlane: Alberta is seeing consequences of its own smugness
Brothers in ERs living extremes of pandemic — in Victoria, in New York
Profiles of workers on the front lines of health care amid pandemic

That compared with a loss of $29.4 million or $0.31 per share in the same quarter last year, but was a 16-per-cent improvement from the $219.1 million or $2.14 per share loss in the fourth quarter.

Tilray says the increase in net loss from a year ago was caused by severance costs from the layoffs, changes in the fair value of warrant liabilities connected to the company’s offering of common stock and warrants, and increased operating expenses related to growth initiatives.

Tilray’s revenue increased by 126.2 per cent from the first quarter of last year to reach $52.1 million.

The average cannabis net selling price per gram decreased to $5.28 compared to $5.60 in the first quarter of 2019.

This report by The Canadian Press was first published May 11, 2020.

Do you need a Car Accident Attorney in The Greater Toronto Area?

Neinstein Personal Injury Lawyers is a leading Toronto accident law office. Our attorneys feel it is their obligation to aid you to find the government and health organizations who can likewise aid you in your roadway to recovery.

Neinstein Injury Lawyers has actually handled serious personal injury claims across Greater Ontario for more than Fifty years. Its areas of know-how include medical, legal, and insurance issues associated with health-related neglect, motor vehicle catastrophes, disability claims, slip and falls, product legal responsibility, insurance coverage conflicts, and a lot more.