Shares of Canadian cannabis company Tilray Inc. TLRY, +24.43% jumped 5.9% in premarket trade Wednesday, after it swung to a profit in its fiscal fourth quarter. Tilray said it had net income of $33.5 million in the quarter to May 31, or 18 cents a share, after a loss of $84.3 million, or 39 cents a share, in the year-earlier period. Revenue rose to $142.2 million from $113.5 million a year ago. The FactSet consensus was for a loss of 12 cents a share and revenue of $199 million. Revenue was boosted by 36% growth in cannabis revenue to $53.7 million, which included four weeks of contribution from legacy-Tilray, a 10% decline in distribution revenue, net beverage alcohol revenue of $15.9 million following the SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest, the company said in a statement. The company remained loss-making on a full-year basis, recording a loss of $336 million, wider than the loss of $100.8 million posted in fiscal 2020. The loss was driven by $63.6 million in transaction costs, following its merger with Aphria, and $170.5 million of non-cash unrealized loss on convertible bonds. The company has achieved $35 million in synergies on the Aphria deal and expects to reach its goal of about $80 million within 18 months of closing. U.S.-listed shares have gained 54% in the year to date, while the Cannabis ETF THCX, +5.58% has gained 17% to match the S&P 500’s SPX, -0.08% gain.
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