(AOF) – Tilray fell 20.09% to $2.07 after revealing disappointing results and being forced to lower its annual targets. The Canadian cannabis producer listed on Wall Street published for its third fiscal quarter, ended at the end of February, a net loss of 104.98 million dollars, or 12 cents per share, compared to a loss of 1.195 billion dollars, or 1 $.90, a year ago. Wall Street expected a loss of just 5 cents per share.
Revenue increased 30% to $188 million, also below the consensus: $198.3 million.
In detail, sales of cannabis jumped by 33% and those of alcoholic beverages, by 165%. Revenues from distribution, however, fell 13% to $56.8 million.
Tilray issues warning
For its fiscal year ending May 31, 2024, the company is now targeting adjusted EBITDA of between $60 million and $63 million compared to $68 million to $78 million previously. Additionally, the company no longer expects to generate positive adjusted free cash flow, due to a delay in the cash collection schedule on several asset sales.
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