Tilray Inc. (TSX: TLRY) released yesterday morning its full-year financial results for the 2021 fiscal year ending May 31, 2021, highlighting an annual revenue of US$513.1 million. This is an increase from FY2020’s revenue of US$405.3 million.

The annual revenue breakdown includes US$201.4 million cannabis revenue and US$277.3 million distribution revenue. Rounding up the figure are fresh revenue streams from the beverage alcohol business following the SweetWater acquisition and the wellness business due to the Manitoba Harvest reverse acquisition at US$15.9 million and US$5.8 million, respectively.

Tilray’s gross margin for 2021 came in at 24.0%, marginally up from 2020’s 23.7%. Further down the line, the firm recorded US$336.0 million net loss for the year compared to last year’s US$100.8 million net loss. The annual net loss translates to US$1.25 loss per share.

The company attributes US$63.6 million business combination transactions costs and US$170.5 million unrealized loss on convertible debts as driving factors for the 2021 net loss. Taking these and other financial calibrations into consideration, Tilray’s adjusted EBITDA for the year is US$40.8 million, up from 2020’s US$5.8 million.

Tilray also ended its 2021 fiscal year with US$488.5 million in cash and cash equivalents, an increase from US$360.6 million in 2020. However, the free cash flow figure at the end of the year is negative US$83.6 million compared to last year’s negative US$199.4 million.

The cannabis firm expects to deliver US$80 million in cost savings over the next 16 months, achieving US$35 million in synergies to date.

You may view Tilray’s full financial results for the fiscal year 2021 here.

Tilray last traded at $16.07 on the TSX.

Information for this briefing was found via Sedar and Tilray. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.