By Dhirendra Tripathi
Investing.com -- Tilray (NASDAQ:TLRY) stock climbed 12% in premarket trading Wednesday after the cannabis producer reported an unexpected profit for the third quarter.
The company’s distribution tie-up with supermarket chain Whole Foods, which will sell the hemp powders produced by its Manitoba Harvest subsidiary, was also adding to the gains.
Tilray said it is on course to hit its target of $4 billion in revenue by the end of financial year 2024.
Quarterly net revenue increased 23% to $152 million, driven by 32% growth in cannabis revenue to $55 million, 64% rise in beverage alcohol revenue of $20 million and wellness revenue of $15 million.
Tilray said its merger with Aphria (NASDAQ:APHA) has yielded $76 million in savings on a run-rate basis to date. It expects to reach an $80 million synergy target by May-end, five months ahead of schedule.
The company said international cannabis revenue soared over 4,000% from the prior-year quarter with market share in Germany, Europe’s largest market for the item, close to 20%.
Tilray said Whole Foods will market the brand’s Hemp+ Matcha and Supergreens powders exclusively at its North America locations.
Net income in the quarter was $52.5 million with adjusted EBITDA at $10.1 million, making it the twelfth consecutive quarter of positive adjusted EBITDA.