Tilray Brands, Inc.

Fiscal 2026 net revenue increased 11% to $915.5 million from $821.3 million last year. Gross profit increased 8% to $260.4 million, and gross margin was 28% versus 29% last year; full adjusted gross margin was 29% in both periods. Net loss improved to $105.2 million, or $1.09 per share, from about $2.2 billion, or $24.56 per share, last year, and adjusted net income improved to $12.2 million, or $0.11 per share. Adjusted EBITDA increased 11% to $61.1 million, or $63.4 million excluding $2.3 million of fuel surcharge impact. Fourth-quarter revenue increased 25% to $281.7 million, gross profit rose 34% to $90.5 million, gross margin was 32%, net loss was $37.9 million, or $0.43 per share, and adjusted EBITDA was a record $31.9 million. Cash used in operations was $69.1 million for the year, compared with $94.6 million last year, while cash from operations before working capital was $18.2 million, up $50.3 million year over year. The company ended fiscal 2026 with $234.6 million of cash, restricted cash, and marketable securities, and net debt of less than $1 million. For fiscal 2027, management guided to adjusted EBITDA of $68 million to $75 million and said combined international business revenue should be about $700 million, or 60% of consolidated revenue.

Irwin Simon framed Tilray as a diversified consumer products and pharmaceutical distribution company rather than a pure cannabis operator, stressing that the business now spans cannabis, beverage, hospitality, and wellness. He repeatedly said the company has multiple cash-generating businesses, a strong balance sheet, and long-term optionality across Europe and the U.S., and that it is not waiting on U.S. legalization to create value. His tone was confident and strategic, with heavy emphasis on scale, vertical integration, and capital discipline.

Carl Merton focused on the numbers behind the transformation: FY2026 net revenue of $915.5 million, gross profit of $260.4 million, adjusted EBITDA of $61.1 million, and cash from operations before working capital of $18.2 million, up $50.3 million year over year. He noted margin pressure from international cannabis price compression and a larger mix of distribution revenue, but said BrewDog is margin accretive and that beverage profitability should improve as the team rightsizes the footprint. He also highlighted debt reduction of about $60 million, year-end cash and marketable securities of $234.6 million, and FY2027 adjusted EBITDA guidance of $68 million to $75 million.

Analysts pressed on how the different businesses fit together, and Simon argued the platform works because cannabis, beverage, wellness, and European distribution share infrastructure, brands, and channels. Questions also focused on beverage weakness excluding BrewDog; management said the decline reflected skew and brand rationalization, integration work, facility closures, and a broader beer category downturn, and added that new products and better cost control should help. On U.S. cannabis, management said it is ready with supply and brands but will wait for a clear regulatory path before making major investments, especially given uncertainty about how federal rules and state systems could evolve.