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- **Record Q2 Growth**: $218 million net revenue, 15% YoY, with $8.4 million EBITDA and $292 million cash.
- **International Expansion**: 51% sequential growth in international cannabis, targeting $150 million Tilray Medical run rate.
- **U.S. Regulatory Play**: Leveraging Schedule III rescheduling to expand medical cannabis in the U.S.
- **Beverage Turnaround**: Spring 2026 resets to drive recovery in craft beer segment; $33 million cost savings on track.
- **Risk Management**: Navigating U.S. hemp THC regulations and German price compression with quality differentiation.

**【CEO Opening Remarks】**
- Q2 2026 net revenue reached $218 million, up 15% YoY, with adjusted EBITDA of $8.4 million and a reverse stock split-adjusted EPS loss of $0.02.
- International cannabis revenue grew 51% sequentially to $20 million, driven by Europe and the U.S. medical cannabis market expansion.
- Strong balance sheet with $292 million in cash, reducing debt by $4 million and achieving a net cash position of $30 million.

**【CEO Cannabis Business Update】**
- Global cannabis revenue rose 36% YoY to $67.5 million, with international markets accounting for 51% of growth.
- Tilray Medical on track for $150 million annual run rate, serving 500,000+ patients globally with 200+ medical cannabis products.
- U.S. cannabis rescheduling to Schedule III positions Tilray to leverage its medical cannabis expertise and U.S. infrastructure.

**【CFO Financial Highlights】**
- Q2 net revenue $217.5 million, up 26% YoY in distribution ($85.3 million) and 6% in Canadian adult-use cannabis.
- Gross profit $57.5 million (26% margin), with cannabis gross margin improving to 39% due to higher international sales.
- Reaffirmed 2026 adjusted EBITDA guidance of $62-72 million and $33 million annualized cost savings from Project 420.
- Cash operating income $6 million, with cash flow used in operations improving by $32.2 million YoY.

**【Q&A Key Highlights】**
- **U.S. Hemp Regulations**: Tilray will advocate for regulatory extensions and carve-outs to preserve THC-infused product viability.
- **Supply Management**: Shifted $5 million in Canadian wholesale supply to higher-margin international markets, prioritizing Tilray Pharma expansion.
- **Beverage Segment**: Q2 decline due to craft beer category-wide challenges, but spring 2026 resets expected to boost visibility and margins.
- **Germany Regulatory Risks**: Price compression from international competitors, but Tilray maintains quality leadership in medical cannabis.
- **Long-Term Beverage Strategy**: Focus on non-alcoholic beverages (e.g., Hi*Ball energy drinks) and U.S. THC beverage legalization opportunities.

Tilray Brands, Inc.(TLRY)-20260109-2026 Q2 Earnings call transcript

- **Revenue Growth**: $210M Q1 net revenue (+5% YoY), driven by 12% Canadian adult-use and 10% international cannabis.
- **Profitability**: $1.5M net income vs. $34.7M loss last year; debt reduced 75% to $3.3M, $265M cash.
- **Strategic Expansion**: Launched 10mg HD9 THC beverages in 14 states; Runner's High 4th fastest-growing non-alcoholic beer.
- **Cost Savings**: $25M of $33M Project 420 target achieved via SKU rationalization and facility closures.
- **Global Leadership**: 40+ brands in 20+ countries, 5M sq ft cultivation, 210M metric tons inventory.
- **Bitcoin Investment**: $1M for strategic partnerships and potential crypto payment integration.

**CEO Summary Section**
- Q1 FY2026 net revenue reached $210 million, up 5% YoY, driven by 12% growth in Canadian adult-use cannabis and 10% in international cannabis.
- Achieved $1.5 million net income vs. $34.7 million loss last year, with debt reduced by $7.7 million to $3.3 million and cash of $265 million.
- Expanded into HD9 THC beverages, launching 10mg formats across 14 U.S. states, and introduced non-alcoholic Runner's High as 4th fastest-growing brand in the Southeast.
- Project 420 cost savings reached $25 million (target $33 million), with SKU rationalization and facility closures.
- Global cannabis leadership with 40+ brands in 20+ countries, 5M sq ft cultivation capacity, and 210M metric tons inventory.

**CFO Financial Commentary**
- Gross profit $57.5 million (down 3.7% YoY), with Cannabis gross margin 36% (vs. 40% last year) due to lower-margin pre-roll/vape mix.
- Beverage gross margin 38% (down 3pp YoY) from lower-margin craft beer acquisitions.
- Adjusted EBITDA $10.2 million (up 10% YoY), with free cash flow improving to -$1.3 million (vs. -$35.3M last year).
- Raised $22.5 million via ATM and exchanged $5 million convertible notes for equity.
- Reaffirmed FY2026 adjusted EBITDA guidance of $62-72 million.

**Q&A Highlights**
- **International Growth**: Portugal permits improving, Germany targeting 3x medical cannabis distribution network expansion. EU GMP Portugal facility at 50% utilization, capacity to double to 40M metric tons.
- **U.S. Rescheduling**: Potential $300-500M market opportunity; Tilray positioned with 5M sq ft cultivation and 200M metric tons production capacity.
- **Balance Sheet**: $1M Bitcoin investment for strategic partnerships; exploring crypto payments for products.
- **Canada Market**: 1.3% price decline offset by 6.5% volume growth; Tilray +2% pricing, +4% revenue vs. -1% industry.
- **Germany Risks**: Regulatory uncertainty on imports, but 13,000 pharmacy distribution network provides stability.
- **Beverage Margin**: $25M cost savings achieved, targeting $33M; 2% Q1 growth from new products vs. 3% industry decline.

Tilray Brands, Inc. (TLRY) Q1 2026 Earnings Call Transcript

- **Revenue Milestones**: $821M annual revenue (4% YoY), $22.4M intl cannabis (71% YoY), and $28M Q4 adj EBITDA. 
- **Margin Expansion**: Cannabis gross margin +700bps to 44%, wellness margin +200bps to 32%. 
- **Strategic Adjustments**: $35M revenue impact from SKU cuts, offset by $4.2M annual interest savings. 
- **International Momentum**: Germany up 134% Q4, Europe medical cannabis expansion, and Middle East hemp food growth. 
- **2026 Outlook**: $62-72M adj EBITDA, 4%+ EBITDA margin, and U.S. rescheduling catalyst.

**【CEO Summary Section】**
- **Record Revenue Growth**: Achieved $22.4 million in international cannabis revenue (71% YoY) and $821 million in annual revenue (4% YoY on constant currency). 
- **Gross Margin Expansion**: Cannabis gross margin improved 700 basis points to 44% in Q4, driven by higher-margin international sales and strategic SKU rationalization. 
- **Strategic Initiatives**: Reduced 20 SKUs in cannabis and beer segments, impacting revenue by $35 million but improving profitability. 
- **Balance Sheet Strength**: $256 million in cash, reduced debt by $100 million, and net debt-to-EBITDA ratio improved to 0.3x. 
- **International Expansion**: Germany leads with 134% Q4 growth, and new markets like Poland, Italy, and Middle East are prioritized. 
- **U.S. Regulatory Outlook**: Optimistic on DEA rescheduling to unlock institutional investment and market access. 

**【CFO Financial Commentary】**
- **Revenue Performance**: FY2025 net revenue $821.3 million (+4% YoY), with international cannabis up 20% YoY. 
- **Impairment Impact**: $1.4 billion noncash impairment due to U.S. cannabis policy uncertainty, but no impact on operations or liquidity. 
- **Adjusted EBITDA**: $55 million for FY2025, guided to $62-72 million for FY2026. 
- **Cash Flow**: Negative free cash flow ($114.2 million) due to working capital and CapEx, but $4.2 million annual interest savings from debt reduction. 
- **Segment Growth**: Wellness (+9%), cannabis (+8%), offset by beverage underperformance. 

**【Q&A Highlights】**
- **Export Delays Resolution**: $8 million trapped inventory resolved in Q1, with Europe export permits now streamlined. 
- **Germany Regulatory Risk**: Proposed telemedicine restrictions face industry pushback; Tilray expects minimal impact on patient access. 
- **Beverage Turnaround**: New leadership (Prinz Pinakatt) driving SKU consolidation, innovation pipeline, and 2026 revenue recovery. 
- **U.S. Market Potential**: Rescheduling could unlock medical cannabis sales and attract institutional capital. 
- **2026 Guidance**: Focus on international cannabis growth, cost savings from Project 420, and 4%+ EBITDA margin target.

Tilray Brands, Inc. (TLRY) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: $186M net revenue with 2% constant currency growth, despite $13M strategic impact.
- **Cannabis Margin Leadership**: 41% gross margin driven by international medical sales, up 800bps YoY.
- **Beverage Efficiency**: $33M cost savings target with 36% gross margin (up 200bps), offsetting $14M SKU rationalization impact.
- **Balance Sheet Strength**: $248M cash, net debt <1x EBITDA, down $58M YTD.
- **High-Growth Opportunities**: Hemp-THC drinks expanding to 10 states, Wellness 8% growth, and Germany medical cannabis 79% flower growth.
- **Risk Management**: $700M non-cash impairment reflects regulatory uncertainty, but core business remains profitable.

**【CEO Summary Section】**
- Q3 net revenue: $186 million (constant currency: $193 million), with strategic decisions reducing revenue by $13 million.
- Cannabis gross margin: 41% (highest in nearly two years), driven by international medical sales and margin-focused strategies.
- Key initiatives: Project 420 (beverage cost savings target: $33 million), AI integration for efficiency, and crypto-payment exploration.
- Balance sheet strength: $248 million cash, net debt reduced by $58 million YTD.
- International growth: Germany medical cannabis sales up 79% in flower, 31% in extracts post-legalization.

**【CFO Financial Commentary】**
- Q3 gross profit: $52 million (+5% YoY), gross margin: 28% (up 200bps).
- Adjusted EBITDA: $9 million (vs. $10.2 million YoY), impacted by $3.2M cannabis inventory timing.
- Key metrics: Beverage gross margin: 36% (up 200bps), Wellness gross margin: 32% (up 200bps).
- FY25 guidance: Net revenue $850M-$900M (adjusted for $50M strategic impacts).
- Non-cash impairment: $700M due to macroeconomic cannabis regulatory uncertainty.

**【Q&A Highlights】**
- **International Strategy**: Germany medical cannabis margins highest in Europe; Poland prescriptions rebound post-telemedicine restrictions.
- **Beverage Performance**: Project 420 cost savings $20.6M annualized; SKU rationalization reduced revenue by $14M but improved margins.
- **Cannabis Trade-offs**: $3.2M Canadian sales deferred to Q4 for higher-margin international sales; vapes/pre-rolls participation paused to avoid margin dilution.
- **Hemp-THC Drinks**: 1,000+ distribution points across 10 U.S. states; targeting multi-million dollar growth with 35.5% CAGR in non-alcoholic beer segment.


Tilray Brands (TLRY)-8 Apr 25-2025 Q3 Earnings call transcript

- **Revenue Growth Acceleration**: Q2 net revenue up 9% YoY to $211M, driven by 36% beverage growth and 25% international cannabis expansion.
- **Margin Transformation**: Gross margin +500bps to 29%, with beverage gross margin hitting 42% post SKU rationalization.
- **Strategic Wins**: 45% THC beverage market share, 56% U.S. hemp leadership, and $25M cost savings from Project 420.
- **International Momentum**: Germany cannabis sales +55%, Poland revenue growth, and 80%+ European medical cannabis extract share.
- **Innovation Pipeline**: 30+ new products launching H2 2024, including Delta-9 THC drinks in 9 U.S. states.


**【CEO Opening Remarks】**
- Q2 net revenue reached $211 million, up 9% YoY, driven by 36% growth in beverages and 25% expansion in international cannabis.
- Beverage segment now accounts for 30% of total revenue, with 20+ brands and 1.2k+ SKUs rationalized under Project 420, targeting $25M cost savings.
- Gross margin improved 500bps to 29%, with cannabis and wellness segments leading at 35% and 31% respectively.
- International cannabis business grew 25% YoY, led by Germany (+55% flower sales) and Poland, with EU GMP facilities enabling patient-led channel expansion.
- Wellness segment expanded 13% YoY, with 56% U.S. hemp market share and new Delta-9 THC products in 9 U.S. states.

**【CFO Financial Highlights】**
- Adjusted EBITDA of $9 million reflects 6+ years of consecutive positive cash flow, despite $85M non-cash losses (including $34M FX impact).
- Beverage gross margin rose 400bps to 42%, driven by SKU rationalization and new product launches.
- Cannabis net revenue stabilized at $65.7M, with 45% THC beverage market share and 15% innovation-driven growth.
- Working capital increased $40.7M due to inventory builds for SKU rationalization and holiday prep.
- FY25 guidance reaffirmed at $950M-$1B net revenue, supported by $14M+ in ATM funding.

**【Q&A Key Takeaways】**
- **SKU Rationalization Progress**: 300+ SKUs removed, $17M cost savings achieved, with full completion by Q4 2025.
- **Delta-9 THC Drinks**: $8M+ Q2 sales, 1.2k+ retail placements, targeting brick-and-mortar expansion vs. DTC.
- **U.S. Medical Cannabis Opportunity**: $250M+ potential with 2-3% market share, leveraging EU GMP facilities and Canadian cultivation scale.
- **Germany Regulatory Impact**: New medical cannabis law drives 55% flower growth, with Tilray Pharma leading patient-led channel share.
- **Cash Position**: $252M cash on hand, supporting M&A and innovation pipeline of 30+ new products for H2 2024.


Actual												-17.3	-0.2	-0.8	0.126	0.9	-9	-1.3	-1.1	-19	-1.5	-1	-0.7	-1.2	-0.4	-0.4	-1	-8.7	-13	0	-0.41
Forecast												-4.3556	-1.41	-0.59	-0.85	-0.8182	-0.8	-0.675	-0.5667	-0.5571	-0.4125	-0.5125	-0.5125	-0.5	-0.2286	-0.35	-0.3375	-0.3751	-0.235	-0.266	-0.2137	-0.1359
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-297.19%	+85.82%	-35.59%	+114.82%	+210.00%	-1025.00%	-92.59%	-94.11%	-3310.52%	-263.64%	-95.12%	-36.59%	-140.00%	-74.98%	-14.29%	-196.30%	-2219.38%	-5431.91%	+100.00%	-91.86%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	52.10M	56.56M	168.02M	155.15M	151.87M	169.16M	153.21M	144.14M	145.59M	184.19M	176.95M	193.77M	188.34M	229.88M	200.00M	210.95M	185.78M	224.53M	209.50M	217.51M	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	49.53M	55.99M	172.61M	170.48M	156.16M	151.26M	155.87M	154.79M	150.02M	153.96M	174.30M	193.67M	197.18M	226.20M	218.70M	216.34M	206.84M	232.23M	204.55M	210.94M	201.35M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+5.19%	+1.02%	-2.66%	-8.99%	-2.75%	+11.83%	-1.70%	-6.88%	-2.95%	+19.64%	+1.52%	+0.05%	-4.48%	+1.63%	-8.55%	-2.49%	-10.18%	-3.32%	+2.42%	+3.11%	0.00%

TLRY

TLRY fundamentals

TLRY Q3 2026 Earnings Preview

Earnings Call

You can ask Aime

TLRY

TLRY fundamentals

TLRY Q3 2026 Earnings Preview

Earnings Call

TLRY Earnings Call Summary for Q3/2026Upcoming8:30 AM on Apr 1, 2026

TLRY Earnings Call Summary for Q2/20264:30 PM on Jan 8, 2026

TLRY Earnings Call Summary for Q1/20269:00 AM on Oct 9, 2025

TLRY Earnings Call Summary for Q4/20254:30 PM on Jul 28, 2025

TLRY Earnings Call Summary for Q3/20258:30 AM on Apr 8, 2025

You can ask Aime