Tilray Brands, Inc.

Tilray reported fiscal 2026 net revenue of $915.5 million, up 11% from $821.3 million last year. Gross profit rose 8% to $260.4 million, while gross margin was 28% versus 29% last year and full adjusted gross margin was 29% in both periods. Adjusted EBITDA increased 11% to $61.1 million, or $63.4 million excluding about $2.3 million of fuel surcharge impact. Net loss improved to $105.2 million, or $1.09 per share, from about $2.2 billion, or $24.56 per share, in the prior year, which included a large non-cash impairment charge. Cash used in operations was $69.1 million versus $94.6 million last year, and before working capital investments the business generated $18.2 million of cash from operations, up $50.3 million year over year. Fourth-quarter revenue was $281.7 million, up 25%, gross profit was $90.5 million, gross margin was 32%, net loss improved to $37.9 million, or $0.43 per share, and adjusted EBITDA was $31.9 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. The company ended fiscal 2026 with about $234.6 million of cash, restricted cash and marketable securities, and net debt of less than $1 million.

Irwin Simon framed fiscal 2026 as proof that Tilray has evolved into a diversified global consumer products and pharmaceutical distribution company rather than a cannabis-only story. His tone was confident and expansive, emphasizing the scale of the platform, the value of vertical integration, and the idea that the market is not fully valuing the business yet. He repeatedly pointed to long-term optionality in medical cannabis, beverages, wellness, and potential U.S. regulatory change, while stressing that Tilray is not dependent on any one event.

Carl Merton focused on the numbers, highlighting record revenue of $915.5 million, adjusted EBITDA of $61.1 million, gross profit of $260.4 million, and cash generation that improved materially despite investments in BrewDog and international cannabis. He said operating cash flow before working capital was $18.2 million, adjusted free cash flow was negative $86 million for the year, and year-end cash, restricted cash and marketable securities were $234.6 million. He also noted debt reduction of about $60 million, net debt of less than $1 million, and guidance for fiscal 2027 adjusted EBITDA of $68 million to $75 million.

Analysts focused on whether Tilray’s diversified structure really works as a unified system, and Simon argued that cannabis, beverage, wellness and distribution reinforce one another through shared brands, manufacturing and sales infrastructure. On beverages, management acknowledged that organic legacy U.S. beer growth was pressured by skew and brand rationalization, but said those moves were intentional and that BrewDog, Carlsberg and new leadership should support better profitability. On U.S. cannabis, Simon said Tilray is ready to invest if the regulatory path becomes clear, but would avoid making premature acquisitions or state-by-state bets without knowing the rules.