Tilray Brands (NASDAQ:TLRY) Announces Quarterly Earnings Results

Key Points

• Tilray’s quarterly earnings missed expectations sharply: The company reported a $0.43-per-share loss versus analysts’ expected loss of $0.01, although revenue of $281.7 million exceeded estimates of $246.3 million.
• Fiscal-year performance and growth initiatives were strong: Revenue rose 11% to a record $915.5 million, adjusted EBITDA increased to $61.1 million, international medical cannabis revenue grew 34%, and management forecast fiscal 2027 adjusted EBITDA of $68 million to $75 million. The BrewDog acquisition also contributed $51.1 million in quarterly revenue and expanded Tilray’s beverage and hospitality platform.
• Profitability and cash generation remain key concerns: Tilray faced cannabis price compression, lower beverage margins and weakness in its legacy U.S. beer business, while adjusted free cash flow remained negative at $86 million for the year. Shares fell about 4.3% following the results.

Tilray Brands (NASDAQ:TLRY - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.42), Zacks reports. The business had revenue of $281.71 million during the quarter, compared to analyst estimates of $246.30 million. Tilray Brands had a negative net margin of 156.51% and a negative return on equity of 3.31%.

Here are the key takeaways from Tilray Brands' conference call:

• Record fiscal-year performance: Revenue rose 11% to $915.5 million, adjusted EBITDA increased 11% to $61.1 million, and fourth-quarter adjusted EBITDA reached a record $31.9 million. Management guided to fiscal 2027 adjusted EBITDA of $68 million to $75 million.
• International cannabis remained a major growth engine: Medical cannabis revenue grew 34% to $84.9 million, with notable growth in Germany, the U.K., Poland, and Italy. Portugal utilization reached approximately 80%, while the company said expanded supply and faster permitting could support further growth.
• BrewDog expanded Tilray’s beverage platform: The acquisition contributed $51.1 million of fourth-quarter revenue and adds more than $200 million in annualized revenue, pubs, and international distribution. Tilray also expects to begin brewing and distributing Carlsberg brands in the U.S. on January 1, 2027.
• Profitability remains under pressure in parts of the portfolio: International cannabis faced approximately $21.1 million of price compression, beverage gross margin declined to 36% from 39%, and the legacy U.S. beer business experienced industry headwinds and a 17% organic fourth-quarter revenue decline excluding BrewDog. Management is targeting cost reductions and margin expansion to address these issues.
• Balance-sheet flexibility improved, but cash generation is not yet positive after investments: Tilray ended the year with $234.6 million in cash, marketable securities, and restricted cash, while net debt fell to less than $1 million. However, adjusted free cash flow remained negative at $86 million for the year, primarily due to BrewDog working-capital needs and strategic capital investments.

Tilray Brands Trading Down 4.3%

TLRY stock traded down $0.17 during midday trading on Wednesday, reaching $3.85. The company's stock had a trading volume of 3,814,653 shares, compared to its average volume of 4,211,114. Tilray Brands has a 52 week low of $3.67 and a 52 week high of $23.20. The stock has a market cap of $449.30 million, a PE ratio of -0.28 and a beta of 1.89. The company has a quick ratio of 1.66, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The business's 50-day simple moving average is $4.74 and its 200-day simple moving average is $6.34.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TLRY. Tidal Investments LLC grew its stake in shares of Tilray Brands by 15.0% during the second quarter. Tidal Investments LLC now owns 28,971,835 shares of the company's stock worth $12,006,000 after purchasing an additional 3,776,410 shares during the period. Millennium Management LLC increased its holdings in Tilray Brands by 281.0% in the third quarter. Millennium Management LLC now owns 4,942,319 shares of the company's stock valued at $8,550,000 after purchasing an additional 3,645,060 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Tilray Brands in the third quarter valued at about $5,813,000. Ausdal Financial Partners Inc. bought a new position in Tilray Brands during the second quarter worth about $939,000. Finally, Swiss National Bank boosted its holdings in Tilray Brands by 4.4% during the third quarter. Swiss National Bank now owns 2,013,038 shares of the company's stock worth $3,483,000 after buying an additional 84,900 shares during the last quarter. Institutional investors and hedge funds own 9.35% of the company's stock.

More Tilray Brands News

Here are the key news stories impacting Tilray Brands this week:

• Positive Sentiment: Tilray reported record fiscal 2026 revenue of approximately $915 million, record gross profit and record adjusted EBITDA. International medical cannabis revenue rose 34% for the year, highlighting continued growth in European markets. Tilray fiscal 2026 results
• Positive Sentiment: Management forecast fiscal 2027 adjusted EBITDA of $68 million to $75 million, representing expected double-digit growth and margin expansion. The BrewDog acquisition is also intended to expand Tilray’s beverage, hospitality and consumer-brand platform. Tilray fiscal 2027 EBITDA outlook
• Positive Sentiment: The company said it ended the fiscal year with approximately $235 million in cash, restricted cash and marketable securities, while reducing net debt to roughly $0.7 million, strengthening financial flexibility.
• Neutral Sentiment: Tilray’s diversified exposure across cannabis, beverages, hospitality and wellness is attracting renewed market attention, but investors remain focused on whether the newer businesses can produce sustainable profitability.
• Negative Sentiment: Fiscal fourth-quarter adjusted earnings were a major disappointment: Tilray reported a $0.43 per-share loss versus an expected loss of about $0.01–$0.02. Revenue of $281.7 million exceeded estimates, but the earnings miss overshadowed the top-line performance. Tilray Q4 loss and revenue results
• Negative Sentiment: Profitability and cash generation remain concerns. Fourth-quarter net loss attributable to common shareholders was $49.6 million, operating loss widened to $16.5 million, and operating cash flow was negative $37.3 million.

Wall Street Analysts Forecast Growth

TLRY has been the topic of a number of analyst reports. ATB Cormark Capital Markets lowered their target price on shares of Tilray Brands from $9.50 to $9.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 2nd. TD Cowen decreased their price objective on Tilray Brands from $7.00 to $5.00 and set a "buy" rating on the stock in a report on Tuesday, July 14th. Weiss Ratings lowered Tilray Brands from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, May 13th. Finally, Roth Capital upgraded Tilray Brands from a "neutral" rating to a "buy" rating and set a $10.00 target price for the company in a research report on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Tilray Brands currently has an average rating of "Hold" and a consensus target price of $11.00.

Tilray Brands Company Profile

Tilray Brands, Inc is a global cannabis-lifestyle and consumer packaged goods company engaged in the cultivation, production, distribution and sale of cannabis and cannabinoid-based products. The company develops and markets a diverse portfolio of branded products spanning medical cannabis, adult-use recreational products and wellness offerings. Through state-of-the-art cultivation facilities, research and development efforts, and quality control systems, Tilray Brands aims to deliver consistent, scalable products for a range of patient and consumer needs.

Tilray's product lineup includes cannabis flower, pre-rolls, oils and tinctures, vapes, edibles and topicals, as well as hemp-derived cannabidiol (CBD) products.

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