Revenue Increased 26% to $210.5 Million in
2020 Compared to Prior Year
Net Loss $(3.0) Million in Q4 2020 Versus
Net Loss $(219.8) Million in Q4 2019
Achieved Adjusted EBITDA Goal With $2.2
Million in Q4 2020
Combination with Aphria Inc. Expected to
Close in Q2 2021 to Create the World’s Largest Cannabis Company
Based On Pro Forma Revenue
$189.7 Million Cash at December 31,2020 and
$261.3 Million Cash as of February 16, 2021
Tilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY), a
global pioneer in cannabis research, cultivation, production and
distribution, today reported financial results for the full fiscal
year and fourth quarter ended December 31, 2020. All financial
information in this press release is reported in U.S. dollars,
unless otherwise indicated.
Brendan Kennedy, Tilray’s Chief Executive Officer, stated, “Over
the course of 2020, and despite COVID-19 related challenges, we
transformed and strengthened Tilray, delivered solid full year
results, significantly reduced net loss, and achieved our stated
goal of delivering break even or positive Adjusted EBITDA in Q4
2020. We did so by generating meaningful revenue growth across our
core businesses, particularly international medical and Canadian
adult-use in Q4, and reducing costs by $57 million on an annualized
basis compared to Q4 of 2019. As a result, we now operate with a
more focused, efficient and competitive cost structure. We also
strengthened our balance sheet and positioned Tilray for growth and
success in the future in combination with Aphria. These results
required hard work and dedication and I sincerely appreciate
everything the Tilray team has done to transform our business
during 2020. We now look forward to the beginning of the next
chapter in our corporate journey.”
Mr. Kennedy continued, “Amid an acceleration of regulatory
changes and an increasingly-favorable political environment, our
proposed merger with Aphria will position the combined company as a
global leader with lowest cost of production, leading brands, a
well-developed distribution network, and unique partnerships.
Finally, and as previously stated, the ‘new’ Tilray will achieve
over C$100 million in anticipated pre-tax synergies. The aggregate
impact of these value drivers provides confidence that the ‘new’
Tilray will generate significant value for stockholders.”
As announced on December 16, 2020, Tilray will combine
businesses with Aphria Inc. and create the world’s largest global
cannabis company based on pro forma revenue. Following the close of
this transaction, which is expected in the second quarter of 2021,
the combined company will operate under the Tilray corporate name
with shares trading on Nasdaq under ticker symbol “TLRY”.
Completion of the business combination is subject to regulatory and
court approvals and other customary closing conditions, including
the approval of Tilray and Aphria stockholders.
Fourth Quarter 2020 Financial Highlights
- Total revenue increased to $56.6 (C$74.4) million, up 20.5%
compared to the fourth quarter of 2019. Cannabis segment revenue
increased 46% to $41.2 million (C$53.6 million), mainly driven by
acceleration of International Medical sales (+191%) and Canadian
Adult-Use sales (+49%). Canadian medical sales grew 26% and there
were no bulk sales to other license producers. Hemp segment revenue
decreased 18% to $15.3 million (C$20.5 million) primarily due to a
shift to private label product with a large customer and the impact
of COVID-related changes to consumer shopping patterns.
- Total revenue increased 10% compared to the
third quarter of 2020. Cannabis segment revenue increased 31%,
driven by a 44% increase in International Medical sales, 27%
increase in Adult-Use sales, and a 24% increase in Canada Medical
sales which was partly offset by a 23% decline in Hemp sales.
TILRAY, INC. Revenue by Product (In thousands of
United States dollars, except for percentage data)
Three months ended December 31, Twelve months ended
December 31,
2020
2019
$ Change
% Change
2020
2019
$ Change
% Change
Cannabis Adult-use
$
25,362
$
17,005
$
8,357
49
%
$
83,828
$
55,763
$
28,065
50
%
Canada - medical
4,204
3,333
871
26
%
15,489
12,556
2,933
23
%
International - medical
11,666
4,008
7,658
191
%
33,886
13,378
20,508
153
%
Bulk
—
3,924
(3,924
)
(100
)%
402
25,450
(25,048
)
(98
)%
Total Cannabis revenue
$
41,232
$
28,270
$
12,962
46
%
$
133,605
$
107,147
$
26,458
25
%
Hemp
15,328
18,665
(3,337
)
(18
)%
76,877
59,832
17,045
28
%
Total
$
56,560
$
46,935
$
9,625
21
%
$
210,482
$
166,979
$
43,503
26
%
Excise duties included in revenue
$
5,818
$
4,429
$
1,389
31
%
$
19,143
$
13,136
$
6,007
46
%
- Total cannabis kilogram equivalents sold decreased 54% to 6,901
kilograms from 15,039 kilograms in the prior year’s fourth quarter.
The decrease was due almost entirely to the reduction of bulk
sales.
- Average cannabis net selling price per gram increased to
$5.97(C$7.99) compared to $1.88 (C$2.52) in the fourth quarter of
2019 and decreased from $6.15 (C$8.15) in the third quarter of
2020. The increase versus 2019 was due to a continued shift in
distribution channels and product mix, including growth in
International Medical sales, a shift in sales to higher potency and
higher priced products in the Adult-Use market, and the continued
growth of Cannabis 2.0 products in Canada. The decrease from the
third quarter of 2020 was due to the accelerated sales growth of
cannabis flower products in the Canadian Adult-Use channel during
the fourth quarter of 2020.
- Average cannabis net cost per gram increased to $3.72 (C$4.98)
compared to $1.53 (C$2.05) in the fourth quarter of 2019 and
decreased from $4.23 (C$5.61) in the third quarter of 2020. The
year-over-year increase was the result of lower kilograms sold due
to the discontinuation of bulk sales and partly due to increased
sales of Cannabis 2.0 products which have higher costs than dried
flower. The decrease in the fourth quarter of 2020 is attributable
to additional realization of cost cutting measures and better
absorption rates in Portugal.
- Gross margin increased to 29% from (121%)% in the fourth
quarter of 2019 and increased from 7% in the third quarter of
2020.
- Gross margin, excluding inventory valuation adjustments,
increased to 33% from 23% in the fourth quarter of 2019 and 29% in
the third quarter of 2020.
- Gross margins for Cannabis, excluding inventory valuation
adjustments, was 33% in the fourth quarter of 2020 versus 16% in
the fourth quarter of 2019 and 27% in the third quarter of 2020.
The sequential increase in gross margin was partly due to increased
International Medical sales and lower costs at our production
facilities resulting from our cost cutting measures.
- Gross margin for Hemp, excluding inventory valuation
adjustments, decreased to 34% from 35% in the fourth quarter of
2019 and decreased from 43% in the third quarter of 2020. The
decreases are primarily due to a shift in sales to larger size and
lower margin private label products with one of our large
customers.
- Net loss was $(3.0) million, or $(0.02) per share, compared to
net loss of $(219.8) million, or $(2.14) per share, in the fourth
quarter of 2019 and net loss of $(2.3) million, or $(0.02) per
share in the third quarter of 2020.
- Adjusted EBITDA of $2.2 million was a $37.5 million improvement
compared to the $(35.3) million loss in the fourth quarter of 2019
and a $3.7 million improvement versus the $(1.5) million loss in
the third quarter of 2020. Increased sales combined with our
significant cost reductions and operating efficiencies had a
meaningful positive impact on Adjusted EBITDA.
- Cash and cash equivalents totaled $189.7 million at the end of
the fourth quarter of 2020.
2020 Financial Highlights
- Total revenue increased 26% to $210.5 (C$281.9) million during
2020 from $167.0 million in 2019. The increase was driven by $26.5
million or 25% growth in the Cannabis segment, and $17.0 million or
28% growth in the Hemp segment. The Hemp segment increase was
partially due to the timing of the Manitoba Harvest acquisition in
2019 which resulted in 10 months of sales in 2019 compared to 12
months in 2020.
- Total kilogram equivalents of cannabis sold decreased 17%
during 2020 compared to 2019 generally due to a reduction in bulk
sales which was partially offset by increases in other product
channels. We expect continued increases in kilogram equivalents
grams sold as we generate sales growth in our key cannabis product
channels, Canadian Adult-Use and International Medical. Going
forward, we will pursue opportunistic bulk sales as we manage our
product mix and optimize margins.
- The average net selling price per gram increased by 51% in 2020
to $4.57 (C$6.12) compared to $3.01 (C$3.99) in 2019 due to an
increase in International Medical Sales and Cannabis 2.0 products
accompanied by a reduction in Bulk sales. International medical
markets sales generally command a higher price per gram than
Adult-Use and Medical sales in Canada. The proportion of
International Medical sales during the 2020 increased to 23% versus
12% in 2019. Additionally, higher-priced Cannabis 2.0 products,
which did not exist in the comparable period in 2019, continued to
grow as a percentage of our Adult-Use business.
- The average cost per gram sold increased to $3.24 (C$4.34)
representing a 37% increase during 2020 compared to $2.36 (C$3.12)
in 2019 partially due to fewer kilograms sold as a result of
reduced bulk sales, increased sales of Cannabis 2.0 products that
have higher costs than dried flower, and partially due to limited
absorption of costs at our facility in Portugal as we brought new
growing capacity on line.
- Gross margin increased to 12% from (14%) in 2019 primarily due
to reduced inventory valuation adjustments and overall improvements
in our cost of production related to our cost cutting efforts.
- Gross margin for Cannabis, excluding inventory valuation
adjustments, was 23% in 2020 and 20% in 2019. The improvement
resulted from increased sales in International Medical markets, the
introduction of 2.0 products in the Adult-Use market, and the
realization of cost reduction measures implemented throughout the
year.
- Gross margin for Hemp of 37% in 2020 increased from 31% in 2019
due to reduced inventory adjustments. Gross margin for Hemp,
excluding inventory valuation adjustments and purchase accounting
value step-up, was 42% in 2020 and 43% in 2019. The decrease in
gross margin was primarily due to a sales mix shift to larger and
lower margin package sizes and lower absorption rates in our
facilities towards the end of the year.
- Net loss for the year decreased to $(271.1) million, or $(2.15)
per share, compared to $(321.2) million or $(3.20) per share in
2019 largely due to the cost optimization measures undertaken
during 2020. In 2020, we recorded non-cash impairment charges of
$61.1 million and $38.4 million of inventory valuation adjustments,
as well as a non-cash charge of $100.3 million related to warrant
valuations, partially offset by non-cash gains on debt conversion
of $(61.1) million. In 2019, we recorded non-cash charges of $112.1
million related to the impairment of the Authentic Brands Group LLC
(“ABG”) agreement as well as $68.6 million in inventory valuation
adjustments.
- Adjusted EBITDA for the year improved to a loss of $(30.3)
million compared to a loss of $(89.8) million in the prior year
primarily due to cost reduction measures undertaken during 2020,
and our ability to leverage sales growth with a reduced cost
structure.
Recent Business Developments Reflect Strong, Ongoing Global
Growth and Opportunity
Progress on Expanding International Medical Business and
Canadian Adult-Use Product Line
- On February 9, 2021, we announced a new agreement with Grow
Pharma to import and distribute Tilray medical cannabis products in
the United Kingdom. This new agreement gives doctors and patients
access to a sustainable supply of Tilray’s full range of
pharmaceutical-grade medical cannabis products.
- On February 4, 2021, we announced our partnership with
Worldpharma Biotech and our first export of medical cannabis from
Portugal to Spain. Worldpharma will produce the first medical
cannabis products for clinical trials in Spain with Tilray
GMP-certified medical cannabis. Spain marks the 17th country where
Tilray medical cannabis is available.
- On February 1, 2021, we announced that we had received the
necessary approvals and market authorization in accordance with the
Portuguese legislation to offer Tilray medical cannabis products in
Portugal from our GMP-certified EU facility in Cantanhede,
Portugal. This is the first time a full quality dossier was
required and delivered to obtain market authorization in Europe for
a medical cannabis product.
- On January 26, 2021, we announced that we have been selected by
the French National Agency for the Safety of Medicines and Health
Products (ANSM) to supply Good Manufacturing Processes (GMP)
certified medical cannabis products for experimentation in France.
We will supply GMP-produced medical cannabis products to serve
patients in need for the duration of the French experiment (18-24
months), due to begin in the first quarter of 2021.
- On December 2, 2020, we announced that we had signed a
cooperation agreement with Hormosan for the promotion of medical
cannabis extracts in Germany. Hormosan is primarily focused on pain
therapy and neurology and is part of the Lupin Group, an
international entity that sells innovative drugs and generics.
Through this strategic partnership, the expertise of both Tilray
and Hormosan are now being leveraged to expand Tilray’s presence in
the German market.
- On October 5, 2020, our wholly-owned subsidiary, High Park
Holdings Ltd., announced the newest addition to its
cannabis-infused edible product line: Chowie Wowie Gummies. Chowie
Wowie Gummies are handcrafted using clean and simple ingredients,
are vegan and gluten free, and feature a delicious taste
profile.
Progress on Strengthening Balance Sheet and Improving Financial
Condition
- Through February 15, 2021, warrant holders have exercised
warrants to purchase approximately 12.7 million shares of Class 2
common stock at a price of $5.95 per share. The exercises resulted
in proceeds of approximately $75.4 million and a reduction of our
warrant liability of approximately $80.0 million.
- On November 23 and 24, 2020, we announced that we had entered
into privately negotiated exchange agreements with certain holders
of its 5.00% Convertible Senior Notes due 2023 (the "Notes").
Pursuant to the exchange agreements, we exchanged approximately
$197.2 million in aggregate principal amount of Notes plus accrued
interest, for approximately 17.3 million shares of our Class 2
common stock. Following the exchange transactions, approximately
$277.9 million in aggregate principal amount of the Notes remained
outstanding. The purpose of the transaction was to reduce our debt
and eliminate approximately $9.2 million in annual cash interest
costs.
Conference Call
Tilray will host a conference call to discuss these results
today at 5:00 p.m. ET. Investors interested in participating in the
live call can dial 877-407-0792 from the U.S. and 201-689-8263
internationally.
There will also be a simultaneous, live webcast available on the
Investors section of the Company’s website at www.tilray.com. The
webcast will also be archived after the call concludes.
About Tilray®
Tilray is a global pioneer in the research, cultivation,
production, and distribution of cannabis and cannabinoids,
currently serving tens of thousands of patients and consumers in 17
countries spanning five continents.
Forward Looking Statements
This press release contains “forward-looking statements”, which
may be identified by the use of words such as, “may”, “would”,
“could”, “will”, “likely”, “expect”, “anticipate”, “believe,
“intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and
other similar expressions, including statements regarding Aphria’s
and Tilray’s strategic business combination and the expected terms,
timing and closing of the combination, estimates of pro-forma
financial information of the combined company, estimates of future
cost reductions, synergies including pre-tax synergies, savings and
efficiencies, value for stockholders, our growth potential, the
sustainability of growth, the optimization of our facilities and
estimated net savings, demand for our products and the medical and
Adult-Use cannabis markets, anticipated plans for strategic
partnerships and acquisitions, and future sales of our common
stock. Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and
assumptions of management in light of management’s experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including assumptions in
respect of current and future market conditions. Actual results,
performance or achievement could differ materially from that
expressed in, or implied by, any forward-looking statements in this
press release, and, accordingly, you should not place undue
reliance on any such forward-looking statements and they are not
guarantees of future results. Forward-looking statements involve
significant risks, assumptions, uncertainties and other factors
that may cause actual future results or anticipated events to
differ materially from those expressed or implied in any
forward-looking statements. Please see the heading “Risk Factors”
in Tilray’s Quarterly Report on Form 10-Q, which was filed with the
Securities and Exchange Commission on November 9, 2020, for a
discussion of the material risk factors that could cause actual
results to differ materially from the forward-looking information.
Tilray does not undertake to update any forward-looking statements
that are included herein, except in accordance with applicable
securities laws.
Use of Non-U.S. GAAP Financial Measures
To supplement its financial statements, the Company provides
investors with information related to Adjusted EBITDA and gross
margin, excluding inventory valuation adjustments, both of which
are financial measures that are not calculated in accordance with
generally accepted accounting principles in the United States
(“U.S. GAAP”).
Adjusted EBITDA is calculated as net income (loss) before
inventory valuation adjustments; interest expenses, net; other
expenses (income), net; deferred income tax (recoveries) expenses,
current income tax expenses (benefit); foreign exchange gain
(loss), net; depreciation and amortization expenses; stock-based
compensation expenses; loss from equity method investments; finance
income from ABG; loss on disposal of property and equipment;
amortization of inventory step-up; severance costs; impairment of
assets; and change in fair value of warrant liability. A
reconciliation of Adjusted EBITDA to net loss, the most directly
comparable GAAP measure, has been provided in the financial
statement tables included below in this press release. Gross
margin, excluding inventory valuation adjustments and stock-based
compensation, is calculated as revenue less cost of sales adjusted
to add back inventory valuation adjustments and amortization of
inventory step-up, and stock-based compensation divided by revenue.
A reconciliation of Gross margin, excluding inventory valuation
adjustments and stock-based compensation, to gross margin, the most
directly comparable GAAP measure, has been provided in the
financial statement tables included below in this press
release.
The Company believes these non-GAAP financial measures provide
useful information to management and investors regarding certain
financial and business trends relating to the Company’s financial
condition and results of operations. Management uses these non-GAAP
financial measures to compare the Company's performance to that of
prior periods for trend analyses and planning purposes. These
non-GAAP financial measures are also presented to the Company’s
Board of Directors.
Non-U.S. GAAP measures should not be considered a substitute
for, or superior to, financial measures calculated in accordance
with U.S. GAAP. Non-U.S. GAAP measures exclude significant expenses
that are required by U.S. GAAP to be recorded in the Company's
financial statements and are subject to inherent limitations.
Additional Information About the Tilray and Aphria Business
Combination and Where to Find It
This news release is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities or
the solicitation of any vote or approval in any jurisdiction, nor
shall there be any sale, issuance or transfer of securities in any
jurisdiction in contravention of applicable law. This statements in
this press release in respect of the proposed transaction involving
Aphria and Tilray pursuant to the terms of an arrangement agreement
by and among Aphria and Tilray may be deemed to be soliciting
material relating to the proposed transaction.
In connection with the proposed transaction, Aphria will file a
management information circular, and Tilray will file a proxy
statement on Schedule 14A containing important information about
the proposed transaction and related matters. Additionally, Aphria
and Tilray will file other relevant materials in connection with
the proposed transaction with the applicable securities regulatory
authorities. Investors and security holders of Aphria and Tilray
are urged to carefully read the entire management information
circular and proxy statement (including any amendments or
supplements to such documents), respectively, when such documents
become available before making any voting decision with respect to
the proposed transaction because they will contain important
information about the proposed transaction and the parties to the
transaction. The Aphria management information circular and the
Tilray proxy statement will be mailed to the Aphria and Tilray
shareholders, respectively, as well as be accessible on the SEDAR
and EDGAR profiles of the respective companies.
Investors and security holders of Tilray will be able to obtain
a free copy of the proxy statement, as well as other relevant
filings containing information about Tilray and the proposed
transaction, including materials that will be incorporated by
reference into the proxy statement, without charge, at the SEC’s
website (www.sec.gov) or from Tilray by contacting Tilray’s
Investor Relations at (203) 682-8253, by email at
Raphael.Gross@icrinc.com, or by going to Tilray’s Investor
Relations page on its website at
https://ir.tilray.com/investor-relations and clicking on the link
titled “Financials.”
Participants in the Tilray Solicitation
Tilray and Aphria and certain of their respective directors,
executive officers and employees may be deemed to be participants
in the solicitation of Tilray proxies in respect of the proposed
transaction. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies to
Tilray stockholders in connection with the proposed transaction
will be set forth in the Tilray proxy statement for the proposed
transaction when available. Other information regarding the
participants in the Tilray proxy solicitation and a description of
their direct and indirect interests in the proposed transaction, by
security holdings or otherwise, will be contained in such proxy
statement and other relevant materials to be filed with the SEC in
connection with the proposed transaction. Copies of these documents
may be obtained, free of charge, from the SEC or Tilray as
described in the preceding paragraph.
TILRAY, INC. Consolidated Statements of Net Loss
and Comprehensive Loss (In thousands of United States
dollars, except for share and per share data) Three
months endedDecember 31, Year endedDecember 31,
2020
2019
2020
2019
Revenue
$
56,560
$
46,936
$
210,482
$
166,979
Cost of sales
39,918
103,943
185,827
190,475
Gross profit
16,642
(57,007
)
24,655
(23,496
)
General and administrative expenses
22,597
42,836
85,883
110,903
Sales and marketing expenses
6,638
22,741
54,666
63,813
Research and development expenses
928
2,450
4,411
9,172
Depreciation and amortization expenses
3,369
4,150
13,722
11,607
Impairment of assets
2,904
112,070
61,114
112,070
Acquisition-related expenses (income), net
—
(24,861
)
—
(31,427
)
Loss from equity method investments
1,488
2,667
5,983
4,504
Operating loss
(21,282
)
(219,060
)
(201,124
)
(304,138
)
Foreign exchange (gain) loss, net
(18,593
)
(7,097
)
(13,169
)
(5,944
)
Change in fair value of warrant liability
49,011
—
100,286
—
Gain on debt conversion
(61,118
)
—
(61,118
)
—
Interest expenses, net
9,072
8,685
39,219
34,690
Finance income from ABG
—
(207
)
—
(764
)
Other expense (income), net
5,387
3,572
10,333
(2,501
)
Loss before income taxes
(5,041
)
(224,013
)
(276,675
)
(329,619
)
Deferred income tax (recoveries)
(1,363
)
(4,860
)
(5,376
)
(8,847
)
Current income tax (recoveries) expenses
(731
)
(5
)
(226
)
397
Net loss
$
(2,947
)
$
(219,148
)
$
(271,073
)
$
(321,169
)
Net loss per share - basic and diluted
$
(0.02
)
$
(2.14
)
$
(2.15
)
$
(3.20
)
Weighted average shares used in computation of net loss per share -
basis and diluted
143,819,967
102,405,607
126,041,710
100,455,677
Net loss
(2,947
)
(219,148
)
(271,073
)
(321,169
)
Foreign currency translation (loss) gain, net
5,687
7,588
(1,497
)
5,174
Unrealised loss on investments
(171
)
(101
)
(17
)
(21
)
Other comprehensive income (loss)
5,516
7,487
(1,514
)
5,153
Comprehensive income (loss)
$
2,569
$
(211,661
)
$
(272,587
)
$
316,016
As stated in our Form-10K, share-based compensation expenses
have been reclassified to their respective functional lines in the
Consolidated Statements of Net Loss and Comprehensive loss. This
was adjusted retrospectively for 2018, 2019 and 2020 and applied in
the fourth quarter of 2020.
TILRAY, INC. Consolidated Balance Sheets
(In thousands of United States dollars, except for share and par
value data) December 31,2020 December
31,2019 Assets Current assets: Cash and cash equivalents
$
189,702
$
96,791
Accounts receivable, net of allowance for credit losses of $887 and
provision for sales returns of $1,651 (December 31, 2019 - $615 and
$1,400, respectively)
29,033
36,202
Inventory
93,645
87,861
Prepayments and other current assets
34,640
38,173
Total current assets
347,020
259,027
Property and equipment, net
199,559
184,217
Operating lease, right-of-use assets
17,985
17,514
Intangible assets, net
186,445
228,828
Goodwill
166,915
163,251
Equity method investments
9,300
11,448
Other investments
14,369
24,184
Other assets
4,356
7,861
Total assets
$
945,949
$
896,330
Liabilities Current liabilities Accounts payable
17,776
39,125
Accrued expenses and other current liabilities
39,946
50,829
Accrued lease obligations
2,913
2,473
Warrant liability
120,647
—
Total current liabilities
181,282
92,427
Accrued lease obligations
30,623
29,407
Deferred tax liability
49,274
53,363
Convertible notes, net of issuance costs
257,789
430,210
Senior Facility, net of transaction costs
48,470
—
Other liabilities
4,612
5,652
Total liabilities
$
572,050
$
611,059
Commitments and contingencies
Stockholders’ equity Convertible Preferred stock
($0.0001 par value, 10,000,000 sharesauthorized and none issued or
outstanding at December 31, 2018;none authorized, issued or
outstanding at December 31, 2017)
—
—
Class 1 common stock ($0.0001 par value, 233,333,333 and
250,000,000 shares authorized;0 and 16,666,667 shares issued and
outstanding)
—
2
Class 2 common stock ($0.0001 par value; 500,000,000 shares
authorized;158,456,087 and 86,114,558 shares issued and
outstanding, respectively)
16
9
Class 3 common stock ($0.0001 par value, none authorized, issued
oroutstanding at December 31, 2018; none authorized, issued or
outstanding at December 31, 2017) Additional paid-in capital
1,095,781
705,671
Accumulated other comprehensive income
8,205
9,719
Accumulated deficit
(730,103
)
(430,130
)
Total stockholders' equity
$
373,899
$
285,271
Total liabilities and stockholders' equity
$
945,949
$
896,330
TILRAY, INC. Adjusted EBITDA (In thousands of
United States dollars) Three months endedDecember
31, Year endedDecember 31,
2020
2019
2020
2019
Adjusted EBITDA reconciliation: Net loss $
(2,949
)
$
(219,148
)
$
(271,073
)
$
(321,169
)
Inventory valuation adjustments
2,303
67,857
38,419
68,583
Severance costs
1,288
—
4,864
—
Depreciation and amortization expenses
4,422
5,389
18,654
15,849
Stock-based compensation expenses
6,312
9,539
29,716
31,842
Other stock-based compensation related expenses
—
8,411
—
8,411
Gain on debt conversion
(61,118
)
—
(61,118
)
—
Impairment of assets
2,904
112,070
61,114
112,070
Loss from equity method investments
1,488
2,667
5,983
4,504
Foreign exchange (gain) loss, net
(18,593
)
(7,097
)
(13,169
)
(5,944
)
Change in fair value of warrant liability
49,011
—
100,286
—
Interest expenses, net
9,072
8,685
39,219
34,690
Finance income from ABG
—
(207
)
—
(764
)
Loss from disposal of property and equipment
958
2,324
1,851
2,436
Other expenses (income), net
9,244
(21,177
)
20,573
(33,928
)
Amortization of inventory step-up
—
—
—
2,041
Deferred income tax recoveries
(1,363
)
(4,860
)
(5,376
)
(8,847
)
Current income tax (recoveries) expenses
(731
)
(5
)
(226
)
397
Adjusted EBITDA $
2,248
$
(35,552
)
$
(30,283
)
$
(89,829
)
TILRAY, INC. Gross Margin (In
thousands of United States dollars, except for percentage data)
For the three months ended December 31,
Cannabis Hemp Total
2020
2019
2020
2019
2020
2019
Revenue
$
41,232
$
28,270
$
15,328
$
18,665
$
56,560
$
46,935
Cost of sales Product costs
26,152
23,864
9,900
12,221
36,052
36,085
Inventory valuation adjustments
2,753
62,922
(450
)
4,935
2,303
67,857
Stock-based compensation expenses
1,292
—
271
—
1,563
—
Gross profit (loss)
11,035
(58,516
)
5,607
1,509
16,642
(57,007
)
Inventory valuation adjustments
2,753
62,922
(450
)
4,935
2,303
67,857
Stock-based compensation expenses
1,292
—
271
—
1,563
—
Gross profit, excluding inventory valuation adjustments and
stock-based compensation expenses
$
15,080
$
4,406
$
5,428
$
6,444
$
20,508
$
10,850
Gross margin, excluding inventory valuation adjustments and
stock-based compensation expenses
37
%
16
%
35
%
35
%
36
%
23
%
For the year ended December 31, Cannabis
Hemp Total
2020
2019
2020
2019
2020
2019
Revenue
$
133,605
$
107,147
$
76,877
$
59,832
$
210,482
$
166,979
Cost of sales Product costs
101,509
84,876
44,336
35,395
$
145,845
$
120,271
Inventory valuation adjustments
34,379
63,532
4,040
5,050
$
38,419
$
68,582
Stock-based compensation expenses
1,292
1,041
271
581
1,563
1,622
Gross profit (loss)
(3,575
)
(42,302
)
28,230
18,806
$
24,655
$
(23,496
)
Inventory valuation adjustments
34,379
63,532
4,040
5,050
$
38,419
$
68,582
Amortization of inventory step-up
—
—
—
2,041
$
—
$
2,041
Stock-based compensation expenses
1,292
1,041
271
581
$
1,563
$
1,622
Gross profit, excluding inventory valuation adjustments and
stock-based compensation expenses
$
32,096
$
22,271
$
32,541
$
26,478
$
64,637
$
48,749
Gross margin, excluding inventory valuation adjustments and
stock-based compensation expenses
23
%
20
%
42
%
43
%
30
%
28
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210217005982/en/
Media: Berrin Noorata, news@tilray.com Investors: Raphael Gross,
+1-203-682-8253, Raphael.Gross@icrinc.com
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