British Columbia-based marijuana producer Tilray reported third-quarter results showing flat total revenue growth compared to the same quarter a year before.
Tilray, which reports in U.S. dollars, booked $51.4 million in revenue for the third quarter of its 2020 fiscal year, which ended Sept. 30.
The company’s net loss for the quarter was $2.3 million, a significant improvement over the previous quarter’s $81.7 million net loss.
Tilray’s adjusted EBITDA loss was $1.5 million.
In a news release, Tilray attributed its narrowing EBITDA loss to “significant efforts to implement cost reductions and operating efficiencies.”
Tilray, one of a number of Canadian cannabis producers to cut greenhouse capacity this year, closed a large production facility in May.
“Given the broad-based improvements we have achieved through the third quarter of 2020, we believe we are poised to deliver positive or break-even adjusted EBITDA in the fourth quarter of 2020,” Tilray noted in a news release.
At quarter’s end, Tilray’s balance sheet showed $155.2 million cash and cash equivalents plus $209 million remaining on an at-the-market offering.
The company said it had enough capital “to manage operations and execute plans for the remainder of 2020 and well into 2021.”
Tilray said work on its Portuguese facility is expected to be completed by the end of the fourth quarter.
The company shares trade on the Nasdaq exchange as TLRY.