What is Tilray Brands's gross profit margin?

Did Tilray Brands beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Tilray Brands year over year?

What were the key takeaways from Tilray Brands's earnings call?

What were the key takeaways from Tilray Brands’s earnings call?

What does Tilray Brands do and what are its main business segments?

What is Tilray Brands's latest dividend and current dividend yield?

What guidance did Tilray Brands's management provide for the next earnings period?

- **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