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TLRY

Tilray Brands, Inc.

TLRY

Tilray Brands, Inc. • NASDAQ
$0.82 ▼ -20.83% (-0.21)
Market Cap $911.25 M
52w High $2.32
52w Low $0.35
Dividend Yield 0%
P/E -0.34
Volume 97.26M
Outstanding Shares 1.12B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $209.501M ▼ $55.377M ▼ $-322K ▲ -0.154% ▲ $-0 ▲ $9.853M ▲
Q4-2025 $308.105M ▲ $2.074B ▲ $-1.747B ▼ -566.858% ▼ $-1.78 ▼ $-1.844B ▼
Q3-2025 $268.341M ▼ $1.173B ▲ $-1.14B ▼ -424.931% ▼ $-1.26 ▼ $-1.084B ▼
Q2-2025 $295.056M ▲ $144.679M ▲ $-119.368M ▼ -40.456% ▼ $-0.14 ▼ $-57.938M ▼
Q1-2025 $269.839M $129.867M $-52.83M -19.578% $-0.054 $10.643M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $264.828M ▼ $2.083B ▼ $561.988M ▼ $1.541B ▼
Q4-2025 $351.779M ▼ $2.904B ▼ $860.487M ▼ $2.074B ▼
Q3-2025 $358.809M ▲ $4.916B ▼ $1.013B ▼ $3.943B ▼
Q2-2025 $352.821M ▼ $5.863B ▲ $1.032B ▼ $4.858B ▲
Q1-2025 $377.766M $5.749B $1.05B $4.692B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $1.513M ▲ $-1.341M ▲ $24.467M ▲ $19.848M ▼ $43.162M ▲ $-1.341M ▲
Q4-2025 $-1.747B ▼ $-19.863M ▼ $16.619M ▲ $26.125M ▲ $29.79M ▲ $-29.271M ▼
Q3-2025 $-1.14B ▼ $-5.086M ▲ $2.197M ▲ $21.446M ▼ $14.817M ▲ $-24.812M ▲
Q2-2025 $-119.368M ▼ $-56.716M ▼ $-14.807M ▲ $53.116M ▼ $-21.663M ▲ $-64.28M ▼
Q1-2025 $-52.83M $-47.626M $-66.629M $81.73M $-31.232M $-56.712M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Beverage Alcohol Business
Beverage Alcohol Business
 $70.00M ▲$60.00M ▼$70.00M ▲$60.00M ▼
Cannabis Segment
Cannabis Segment
 $90.00M ▲$70.00M ▼$90.00M ▲$90.00M ▲
Distribution Revenue
Distribution Revenue
 $70.00M ▲$60.00M ▼$70.00M ▲$70.00M ▲
Wellness Business
Wellness Business
 $10.00M ▲$10.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Tilray has grown its revenue steadily over the past few years, helped by diversification into beverages and wellness, but the business is still firmly loss‑making. The company generates a positive gross profit, which means products are sold above direct production costs, yet overhead, marketing, acquisitions, and other operating expenses more than wipe this out. In the most recent year, operating and net losses widened sharply, suggesting either sizable one‑time charges, ongoing restructuring, or that the underlying business is not yet at a sustainable scale. Earnings per share remain deeply negative, so the core challenge is not growth, but turning that growth into a consistently profitable operation.

Balance Sheet

Balance Sheet Tilray still has a meaningful asset base and positive shareholder equity, but both have been trending down, pointing to ongoing value pressure on the balance sheet. Cash on hand is relatively modest, and while debt has been reduced from earlier peaks, it remains a meaningful obligation for a company that is not yet profitable. The decline in equity likely reflects repeated losses and possible write‑downs of past investments. Overall, the balance sheet shows some remaining financial flexibility, but the cushion is thinner than a few years ago, increasing the importance of improving profitability or accessing external capital on reasonable terms.

Cash Flow

Cash Flow Cash generation remains a weak spot. Operating cash flow has hovered around breakeven to moderately negative, which means the business is not yet self‑funding. After including capital spending, free cash flow has been consistently negative, although not catastrophically so. The company has been managing investment spending fairly tightly, but even modest capital outlays are still funded by cash reserves, asset sales, or financing rather than by internal cash generation. Without a clear shift to positive operating cash flow, Tilray’s ability to invest, service debt, and avoid future dilution will stay constrained.

Competitive Edge

Competitive Edge Tilray’s main strengths lie in its diversification and global reach. Unlike many cannabis peers that rely mostly on one market or product type, Tilray has built positions in medical cannabis, adult‑use cannabis, craft beverages, and wellness, which spreads risk across several categories. Its GMP‑certified facilities and strong quality focus support credibility with regulators, doctors, and consumers, especially in medical markets. The beverage and craft beer acquisitions give Tilray an established U.S. distribution network that could be valuable if cannabis‑infused drinks gain legal approval. However, the company still operates in highly competitive, fast‑changing markets with regulatory uncertainty, price pressure, and many rivals chasing similar opportunities, so its advantages are meaningful but not unassailable.

Innovation and R&D

Innovation and R&D Tilray is leaning hard into research and product innovation as a differentiator. It emphasizes pharmaceutical‑grade production, controlled cultivation environments, and advanced extraction methods to deliver consistent, high‑quality products. Partnerships with hospitals and universities for clinical trials help build medical credibility and could eventually support higher‑value, prescription‑style products. On the consumer side, Tilray is experimenting aggressively with new formats, especially hemp‑derived THC beverages and a wide range of branded cannabis products. The U.S. beverage initiatives and the European research and production hub position the company to react quickly if regulations loosen. Still, much of this innovation depends on regulatory outcomes and consumer adoption that are inherently uncertain.

Summary

Tilray stands at an interesting crossroads: commercially diversified, globally positioned, and highly active in innovation, yet financially still in a long, difficult transition toward sustainable profitability. Revenues have grown and the product portfolio has broadened, but losses remain large and have recently worsened, weighing on equity and keeping cash flow negative. The balance sheet retains some strength but has eroded over time, making future access to cash and improved operating performance more important. Strategically, Tilray benefits from its research focus, GMP‑grade facilities, medical partnerships, and a U.S. beverage platform that could become a powerful distribution channel if cannabis regulations evolve favorably. At the same time, heavy competition, regulatory risk, and ongoing cash burn create real execution risk. Overall, Tilray offers meaningful strategic optionality in cannabis and related consumer products, but it is still in the build‑out phase, not yet in a mature, cash‑generative stage.

NEWS

November 26, 2025 · 4:10 PM UTC

Tilray Brands Announces Implementation of Previously Approved 1-for-10 Reverse Stock Split

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November 24, 2025 · 7:00 AM UTC

Tilray Unveils Good Supply Vapes in Québec Following the Recent Introduction of Vape Products in Québec

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November 17, 2025 · 4:05 PM UTC

Tilray Brands Publishes New Investor Presentation Highlighting Leadership Across Beverage, Cannabis and Wellness Industries, Showcasing Its Global Growth Strategy and Transformation into a Diversified CPG Powerhouse Shaping the Future of Consumer Products

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November 13, 2025 · 7:00 AM UTC

10 Barrel Pub Beer Taps Big Buck Hunter for Epic Cheap Fun Hunting SZN – Limited Edition Cans, Dive Bar Prizes, and $10,000 Arcade Giveaway Ignite Pacific Northwest

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November 11, 2025 · 3:00 PM UTC

Tilray Brands Condemns Misguided Prohibitionist Measures and Champions Responsible Hemp Regulations that Keep Consumers Safe and Businesses Thriving

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