Tilray, Inc. (NASDAQ: TLRY), reported its fourth quarter and full fiscal year ended 31, 2019 financial results. Tilray stock declined more than 13% on Tuesday morning, after the published earnings underperformed investor’s estimates.

The Company declared for the fourth quarter of 2019 a revenue of USD 46.9 million, increased 202.2% from the fourth quarter of 2018 and mainly driven by the Canadian adult-use market, the Manitoba Harvest acquisition as well as growth in international medical markets. 

For the full fiscal year of 2019, Tilray released an increased revenue of USD 167.0 million, up 287.2% on a year-to-year basis. Net loss for 2019 was USD 321.2 million, or USD 3.20 per share, compared to USD 67.7 million, or USD 0.82 per share in 2018.

Brendan Kennedy, Tilray’s Chief Executive Officer, said:

 “Our full year results demonstrate strong sales growth momentum, which we expect to continue in 2020. Like our peers, we have faced industry challenges, but we remain committed to driving long-term value for our shareholders.”

Tilray further announced an adjusted EBITDA loss of USD 89.8 million, compared to a loss of USD 28.3 million in the previous year.

“Tilray has a diversified business model comprised of global medical, Canada adult-use and hemp products which positions us well in the current volatile market environment. We are still in the early days of this emerging growth industry and will continue being good stewards of shareholder capital as we aim to build the world’s most trusted and valued cannabis and hemp company,” continued Kennedy. 

Tilray, Inc. is a global pioneer in cannabis production, research, cultivation and distribution, currently operating in 15 countries, on 5 continents.