(Bloomberg) -- Tilray Inc. shares rose in post-market trading after the company reported revenue that beat estimates, a higher average selling price though a wider-than-expected loss.

The cannabis producer’s fourth-quarter revenue was $15.5 million, triple the year-ago period and ahead of the average analyst estimate of $15.1 million, as it sold more pot at higher prices. However, it lost $31 million in the quarter, significantly more than the $3 million lost a year earlier, amid higher operating expenses.

Key Insights

• Tilray reported an average net selling price per gram of $7.52, up from $6.21 in the prior quarter and $7.13 a year ago. By comparison, Aurora Cannabis Inc.’s average selling price fell 26 percent for dried cannabis and 18 percent for cannabis extracts in the final quarter of the year
• Cost of sales rose to $12.4 million from $2.2 million a year earlier, the result of higher operating expenses related to growth initiatives, expansion of international teams, and financings and M&A activity, the company said
• Tilray sold 2,053 kilograms of cannabis, up from 1,613 kilograms in the third quarter
• Eight Capital analyst Graeme Kreindler estimated that Tilray captured 4 percent of Canada’s C$307 million legal cannabis market in the quarter, but expects that share to increase as new facilities ramp up production. That compares to about 20 percent for Aurora and an estimated 30 percent for Canopy Growth Corp.

To contact the reporter on this story: Kristine Owram in Toronto at kowram@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Jacqueline Thorpe

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