Tilray Brands (TLRY) Financials

$5.48 +0.02 (+0.27%)

As of 02:52 PM Eastern

Annual Income Statements for Tilray Brands

This table shows Tilray Brands' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.88	-7.81	-68	-25	-103	-367	-477	-1,453	-245	-2,187
Consolidated Net Income / (Loss)	-7.88	-7.81	-68	-36	-101	-336	-434	-1,443	-222	-2,181
Net Income / (Loss) Continuing Operations	-7.88	-7.81	-68	-36	-121	-336	-434	-1,443	-222	-2,181
Total Pre-Tax Income	-7.88	-7.81	-72	-38	-109	-345	-441	-1,450	-249	-2,302
Total Operating Income	-7.05	-7.50	-58	-139	-104	-132	-610	-1,370	-175	-2,283
Total Gross Profit	2.67	11	14	44	96	123	117	147	223	241
Total Revenue	13	21	43	179	405	513	628	627	789	821
Operating Revenue	13	21	43	179	405	513	628	627	789	821
Total Cost of Revenue	9.97	9.16	29	136	309	390	512	480	566	581
Operating Cost of Revenue	9.97	9.16	29	136	309	390	512	480	566	581
Total Operating Expenses	9.72	19	72	182	200	255	727	1,517	398	2,523
Selling, General & Admin Expense	4.89	8.40	49	80	113	138	198	200	205	223
Marketing Expense	3.60	7.16	16	17	15	18	31	31	42	37
Research & Development Expense	1.14	3.17	5.86	1.05	1.92	0.83	1.52	0.68	0.64	0.28
Amortization Expense	-	-	-	-	-	35	115	93	85	89
Other Operating Expenses / (Income)	-	-	0.00	18	2.47	60	31	248	58	26
Impairment Charge	-	-	0.00	57	51	0.00	378	934	0.00	2,096
Restructuring Charge	-	-	0.25	-	-	0.00	0.80	9.25	16	34
Other Special Charges / (Income)	0.09	0.14	-	-	1.83	3.25	-28	0.35	-7.54	17
Total Other Income / (Expense), net	-0.83	-0.31	-14	101	-25	-213	170	-80	-74	-20
Interest & Investment Income	-1.02	-1.69	-9.11	5.26	-19	-28	-28	-14	-36	-30
Other Income / (Expense), net	0.19	1.38	-5.22	96	-5.48	-185	198	-67	-38	10
Income Tax Expense	-	-	-4.45	-2.05	-8.35	-8.97	-6.54	-7.18	-27	-121
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-11	1.71	31	43	9.66	23	5.38
Basic Earnings per Share	($0.11)	($0.10)	($0.82)	($0.18)	($0.47)	($1.36)	($0.99)	($2.35)	($0.33)	($2.46)
Weighted Average Basic Shares Outstanding	75M	75M	83.01M	203.46M	216.16M	269.55M	481.22M	617.98M	742.65M	890.33M
Diluted Earnings per Share	($0.11)	($0.10)	($0.82)	($0.18)	($0.47)	($1.36)	($0.99)	($2.35)	($0.33)	($2.46)
Weighted Average Diluted Shares Outstanding	75M	75M	83.01M	203.46M	216.16M	269.55M	481.22M	617.98M	742.65M	890.33M
Weighted Average Basic & Diluted Shares Outstanding	75M	75M	83.01M	100.46M	126.04M	449.22M	536.39M	703.26M	842.96M	1.10B

This table shows Tilray Brands' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Income / (Loss) Attributable to Common Shareholders	-72	-49	-93	-32	-39	-85	-789	-1,273	-0.32	-45	-27
Consolidated Net Income / (Loss)	-56	-46	-105	-15	-35	-85	-794	-1,268	1.51	-44	-25
Net Income / (Loss) Continuing Operations	-56	-53	-105	-8.62	-35	-85	-794	-1,268	1.51	-44	-25
Total Pre-Tax Income	-49	-50	-108	-43	-34	-83	-792	-1,393	-0.77	-40	-23
Total Operating Income	-34	-42	-82	-17	-37	-42	-760	-1,444	2.09	-22	-26
Total Gross Profit	44	47	49	82	60	61	52	68	57	57	55
Total Revenue	177	194	188	230	200	211	186	225	210	218	207
Operating Revenue	177	194	188	230	200	211	186	225	210	218	207
Total Cost of Revenue	133	146	139	148	140	150	134	157	152	160	152
Operating Cost of Revenue	133	146	139	148	140	150	134	157	152	160	152
Total Operating Expenses	79	89	131	99	96	103	812	1,512	55	80	81
Selling, General & Admin Expense	47	51	50	56	56	62	53	52	54	63	61
Marketing Expense	8.54	9.21	11	13	12	9.72	6.79	8.97	10	9.98	8.69
Research & Development Expense	0.08	0.06	0.11	0.39	0.11	0.06	0.09	0.03	0.04	0.08	0.06
Amortization Expense	22	22	22	19	22	23	23	21	3.93	4.36	5.11
Other Operating Expenses / (Income)	8.50	1.09	46	2.40	1.16	0.80	21	3.63	0.40	0.57	1.93
Impairment Charge	-	-	0.00	-	-	-	699	-	-	-	0.00
Restructuring Charge	0.92	2.66	5.18	6.83	4.25	6.87	6.13	17	0.87	0.97	4.09
Other Special Charges / (Income)	-9.07	3.34	-2.62	0.81	1.60	0.90	2.76	12	-14	0.87	0.62
Total Other Income / (Expense), net	-14	-7.80	-26	-26	2.80	-41	-32	51	-2.86	-18	3.13
Interest & Investment Income	-9.84	-8.63	-8.52	-9.46	-9.84	-7.77	-8.38	-3.97	-6.70	-5.37	-4.97
Other Income / (Expense), net	-4.40	0.82	-17	-17	13	-33	-24	55	3.83	-12	8.09
Income Tax Expense	7.26	3.38	-2.87	-34	0.89	2.04	1.20	-125	-2.29	3.55	1.97
Net Income / (Loss) Attributable to Noncontrolling Interest	16	2.83	-12	16	4.51	0.07	-4.10	4.90	1.84	1.42	1.34
Basic Earnings per Share	($0.10)	($0.07)	($0.12)	($0.04)	($0.04)	($0.99)	($8.69)	($1.45)	$0.00	($0.41)	($0.24)
Weighted Average Basic Shares Outstanding	691.19M	730.77M	754.44M	742.65M	875.44M	86.50M	90.83M	890.33M	1.06B	110.34M	112.68M
Diluted Earnings per Share	($0.10)	($0.07)	($0.12)	($0.04)	($0.04)	($0.99)	($8.69)	($1.45)	$0.00	($0.41)	($0.24)
Weighted Average Diluted Shares Outstanding	691.19M	730.77M	754.44M	742.65M	875.44M	86.50M	90.83M	890.33M	1.06B	110.34M	112.68M
Weighted Average Basic & Diluted Shares Outstanding	730.29M	742.73M	774.03M	842.96M	903.29M	937.66M	1.01B	1.10B	1.12B	116.51M	116.55M

This table details how cash moves in and out of Tilray Brands' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Change in Cash & Equivalents	6.58	-5.58	486	361	-47	128	-73	-209	22	-6.67
Net Cash From Operating Activities	-3.32	-6.00	-46	-42	-101	-45	-177	7.91	-31	-95
Net Cash From Continuing Operating Activities	-3.32	-6.00	-46	-42	-101	-45	-177	7.91	-31	-95
Net Income / (Loss) Continuing Operations	-7.88	-7.81	-68	-36	-101	-336	-434	-1,443	-222	-2,181
Consolidated Net Income / (Loss)	-7.88	-7.81	-68	-36	-101	-336	-434	-1,443	-222	-2,181
Amortization Expense	-	-	2.18	-	-	68	155	130	127	133
Non-Cash Adjustments To Reconcile Net Income	0.92	-0.32	34	-4.86	57	319	266	1,337	128	2,137
Changes in Operating Assets and Liabilities, net	1.69	0.27	-18	-18	-92	-96	-164	-17	-64	-184
Net Cash From Investing Activities	-1.03	-12	-99	-135	-70	46	-22	-285	128	-47
Net Cash From Continuing Investing Activities	-1.03	-12	-99	-135	-70	46	-22	-285	128	-47
Purchase of Property, Plant & Equipment	-0.49	-11	-50	-156	-99	-39	-34	-21	-29	-33
Acquisitions	-0.54	-0.53	-4.26	-73	-26	67	0.33	-27	-61	-18
Purchase of Investments	-	-	-319	-	-	0.00	0.00	-242	210	-2.52
Sale of Property, Plant & Equipment	-	0.02	0.71	0.04	1.41	6.61	12	4.30	8.51	6.82
Net Cash From Financing Activities	11	12	631	547	131	124	128	70	-75	134
Net Cash From Continuing Financing Activities	11	12	631	547	131	124	128	70	-75	134
Repayment of Debt	-2.55	-0.20	-46	-8.60	-9.05	-66	-119	-205	-135	-27
Payment of Dividends	-	-	-	0.00	0.00	-24	-7.48	0.00	0.00	-1.54
Issuance of Debt	13	12	464	365	61	111	0.00	146	54	3.45
Issuance of Common Equity	-	-	161	186	74	103	263	130	8.62	161
Other Financing Activities, net	-	-	0.00	5.16	4.32	0.14	-7.96	-1.19	-2.90	-2.90
Other Net Changes in Cash	-	-	-	-9.57	-	-	-1.96	-	-0.55	1.14

This table details how cash moves in and out of Tilray Brands' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Change in Cash & Equivalents	-28	-34	1.30	82	-23	-15	10	22	43	-18	2.80
Net Cash From Operating Activities	-16	-30	-15	31	-35	-41	-5.76	-13	-1.34	-8.54	-22
Net Cash From Continuing Operating Activities	-16	-30	-15	31	-35	-41	-5.76	-13	-1.34	-8.54	-22
Net Income / (Loss) Continuing Operations	-56	-46	-105	-15	-35	-85	-794	-1,268	1.51	-44	-25
Consolidated Net Income / (Loss)	-56	-46	-105	-15	-35	-85	-794	-1,268	1.51	-44	-25
Amortization Expense	31	32	33	32	32	34	34	34	16	16	17
Non-Cash Adjustments To Reconcile Net Income	15	1.08	88	25	3.92	28	749	1,356	8.62	23	9.95
Changes in Operating Assets and Liabilities, net	-5.48	-17	-31	-10	-36	-17	4.74	-135	-27	-4.30	-23
Net Cash From Investing Activities	-26	81	28	45	-49	-11	-0.12	14	24	-58	29
Net Cash From Continuing Investing Activities	-26	81	28	45	-49	-11	-0.12	14	24	-58	29
Purchase of Investments	-45	171	37	47	-43	12	14	14	35	-48	30
Sale of Property, Plant & Equipment	0.34	0.02	0.80	7.34	0.03	0.60	0.20	5.99	0.29	0.13	1.37
Other Investing Activities, net	-	-	-	-	-6.74	-	-	-	-11	-9.70	-3.62
Net Cash From Financing Activities	14	-85	-11	7.07	61	38	18	17	20	48	-5.13
Net Cash From Continuing Financing Activities	14	-85	-11	7.07	61	38	18	17	20	48	-4.97
Repayment of Debt	-6.37	-119	-8.14	-1.42	-5.88	-5.98	-13	-2.95	-1.65	-3.84	-3.97
Other Financing Activities, net	0.00	-	-2.77	-0.13	-	-0.86	-0.86	-0.31	-0.99	1.37	-1.00
Other Net Changes in Cash	0.61	-	-	-0.75	-	-2.24	-1.93	4.35	-	-	0.96

This table presents Tilray Brands' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Total Assets	54	896	1,738	6,025	5,450	4,307	4,222	2,074
Total Current Assets	12	259	582	884	804	773	678	689
Cash & Equivalents	2.32	97	361	488	416	207	228	222
Restricted Cash	-	-	-	-	-	0.00	-	0.00
Short-Term Investments	-	-	-	-	0.00	242	32	35
Accounts Receivable	2.11	36	38	87	95	86	102	121
Inventories, net	7.42	88	140	256	246	201	252	271
Prepaid Expenses	0.55	38	33	49	47	38	31	34
Other Current Assets	-	-	-	-	-	0.00	32	5.80
Plant, Property, & Equipment, net	40	184	0.00	651	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1.56	453	1,156	4,491	4,646	3,534	3,544	1,386
Long-Term Investments	-	36	20	18	15	12	7.86	10
Goodwill	-	163	447	2,833	2,641	2,009	2,009	752
Intangible Assets	0.93	229	263	1,606	1,278	974	915	21
Other Noncurrent Operating Assets	0.63	25	426	35	601	436	580	602
Total Liabilities & Shareholders' Equity	54	896	1,738	6,025	5,450	4,307	4,222	2,074
Total Liabilities	59	611	463	1,560	1,008	977	778	585
Total Current Liabilities	50	92	120	401	280	433	299	280
Short-Term Debt	9.81	-	6.53	106	102	238	49	37
Accounts Payable	38	39	112	213	157	191	242	235
Other Current Liabilities	-	0.00	0.95	82	21	4.24	8.34	8.03
Total Noncurrent Liabilities	8.58	519	343	1,159	728	544	479	304
Long-Term Debt	-	430	290	835	520	358	288	235
Noncurrent Deferred & Payable Income Tax Liabilities	-	53	48	266	197	167	131	3.75
Other Noncurrent Operating Liabilities	-	35	4.23	3.91	12	19	61	66
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-4.85	285	1,275	4,465	4,441	3,330	3,443	1,490
Total Preferred & Common Equity	-4.85	285	1,248	4,459	4,399	3,316	3,443	1,511
Preferred Stock	-	-	-	-	-	0.00	0.00	0.00
Total Common Equity	-4.85	285	1,248	4,459	4,399	3,316	3,443	1,511
Common Stock	32	706	1,367	4,792	5,382	5,778	6,147	6,402
Retained Earnings	-40	-430	-113	-486	-963	-2,416	-2,660	-4,847
Accumulated Other Comprehensive Income / (Loss)	3.87	9.72	-5.43	153	-21	-47	-43	-43
Other Equity Adjustments	-	-	-	-	-	-	-	0.00
Noncontrolling Interest	-	-	27	6.24	43	14	0.27	-22

This table presents Tilray Brands' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	2/28/2023	11/30/2023	2/29/2024	8/31/2023	11/30/2023	2/29/2024	8/31/2024	11/30/2024	8/31/2025	11/30/2025	2/28/2026
Total Assets	4,376	4,331	4,213	4,402	4,331	4,213	4,262	4,192	2,083	2,099	2,075
Total Current Assets	759	642	631	829	642	631	726	707	701	729	719
Cash & Equivalents	165	143	146	178	143	146	205	190	265	247	205
Restricted Cash	-	1.58	-	1.61	1.58	-	-	-	-	-	45
Short-Term Investments	243	116	80	287	116	80	75	63	0.00	45	15
Accounts Receivable	78	91	90	82	91	90	104	113	107	109	118
Inventories, net	203	253	244	232	253	244	264	266	283	283	292
Prepaid Expenses	69	37	43	45	37	43	45	45	41	41	41
Other Current Assets	-	0.74	29	3.70	0.74	29	33	31	5.80	4.00	2.45
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,617	3,689	3,582	3,573	3,689	3,582	3,536	3,484	1,382	1,369	1,356
Long-Term Investments	12	13	8.06	12	13	8.06	7.85	7.42	10	13	7.63
Goodwill	2,006	2,010	2,010	2,010	2,010	2,010	2,010	2,001	752	752	752
Intangible Assets	994	953	930	968	953	930	909	867	25	22	23
Other Noncurrent Operating Assets	437	638	602	509	638	602	578	578	594	582	573
Total Liabilities & Shareholders' Equity	4,376	4,331	4,213	4,402	4,331	4,213	4,262	4,192	2,083	2,099	2,075
Total Liabilities	969	937	870	1,001	937	870	778	738	562	552	549
Total Current Liabilities	470	395	329	537	395	329	294	279	268	259	258
Short-Term Debt	296	169	111	287	169	111	49	49	24	25	26
Accounts Payable	163	217	210	238	217	210	236	222	231	226	224
Other Current Liabilities	9.94	8.81	8.61	12	8.81	8.61	8.20	8.27	12	7.44	7.26
Total Noncurrent Liabilities	489	542	541	463	542	541	485	460	294	293	292
Long-Term Debt	313	293	292	273	293	292	288	272	228	225	223
Noncurrent Deferred & Payable Income Tax Liabilities	164	166	161	170	166	161	136	126	1.94	5.62	7.88
Other Noncurrent Operating Liabilities	12	83	87	21	83	87	61	62	64	62	60
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,407	3,393	3,343	3,402	3,393	3,343	3,483	3,454	1,521	1,547	1,526
Total Preferred & Common Equity	3,404	3,368	3,359	3,379	3,368	3,359	3,478	3,473	1,541	1,580	1,557
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,404	3,368	3,359	3,379	3,368	3,359	3,478	3,473	1,541	1,580	1,557
Common Stock	5,723	5,943	6,031	5,910	5,943	6,031	6,218	6,306	6,432	6,512	6,521
Retained Earnings	-2,277	-2,536	-2,629	-2,487	-2,536	-2,629	-2,700	-2,785	-4,848	-4,892	-4,919
Treasury Stock	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-43	-38	-43	-44	-38	-43	-40	-48	-43	-39	-44
Noncontrolling Interest	3.11	25	-16	22	25	-16	5.32	-19	-20	-33	-32

This table displays calculated financial ratios and metrics derived from Tilray Brands' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
DEI Shares Outstanding	0.00	0.00	93,164,845.00	97,231,054.00	124,861,949.00	-	-	-	-	1,006,495,926.00
DEI Adjusted Shares Outstanding	0.00	0.00	9,316,484.00	9,723,105.00	12,486,195.00	-	-	-	-	100,649,593.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-7.27	-2.58	-8.21	-	-	-	-	-21.73
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	62.43%	110.00%	315.73%	126.06%	26.59%	22.47%	-0.20%	25.80%	4.10%
EBITDA Growth	0.00%	13.05%	-1,242.44%	54.32%	-181.88%	-237.57%	-3.60%	-406.10%	93.44%	-2,396.59%
EBIT Growth	0.00%	10.80%	-929.95%	31.19%	-152.29%	-189.55%	-30.20%	-248.07%	85.20%	-968.94%
NOPAT Growth	0.00%	-6.37%	-671.41%	-140.20%	25.14%	-27.08%	-361.83%	-124.39%	87.24%	-1,206.31%
Net Income Growth	0.00%	0.94%	-767.24%	46.71%	-179.37%	-233.24%	-29.20%	-232.39%	84.59%	-880.81%
EPS Growth	0.00%	9.09%	-720.00%	78.05%	-161.11%	-189.36%	27.21%	-137.37%	85.96%	-645.45%
Operating Cash Flow Growth	0.00%	-80.92%	-670.41%	9.08%	-139.31%	55.56%	-296.41%	104.46%	-490.91%	-206.10%
Free Cash Flow Firm Growth	0.00%	0.00%	-77.80%	-2,224.02%	-0.16%	-465.76%	97.27%	297.93%	-181.03%	347.95%
Invested Capital Growth	0.00%	0.00%	-100.00%	0.00%	104.38%	315.74%	-6.50%	-25.20%	1.34%	-57.43%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-17.54%	4.73%	-11.17%	0.00%	-0.65%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-223.14%	-451.81%	-48.23%	79.31%	-256.11%	0.00%	-172.21%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-36.15%	66.92%	-308.73%	0.00%	-147.84%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-861.84%	56.45%	-266.34%	0.00%	-166.91%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-66.06%	65.50%	-325.15%	0.00%	-134.85%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-401.28%	0.00%	-134.29%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-81.05%	-128.52%	67.93%	8.94%	-545.93%	103.89%	0.00%	-85.18%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-422.72%	-887.82%	97.70%	-68.89%	0.00%	-85.63%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-15.29%	149.72%	0.00%	28.47%	-1.34%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.12%	55.39%	33.10%	24.27%	23.70%	24.01%	18.59%	23.43%	28.31%	29.29%
EBITDA Margin	-38.84%	-20.79%	-132.91%	-14.60%	-18.21%	-48.56%	-41.08%	-208.32%	-10.86%	-260.43%
Operating Margin	-55.75%	-36.51%	-134.11%	-77.48%	-25.66%	-25.76%	-97.14%	-218.41%	-22.15%	-277.94%
EBIT Margin	-54.29%	-29.81%	-146.22%	-24.20%	-27.01%	-61.78%	-65.68%	-229.08%	-26.95%	-276.68%
Profit (Net Income) Margin	-62.35%	-38.02%	-157.02%	-20.13%	-24.88%	-65.49%	-69.09%	-230.10%	-28.19%	-265.60%
Tax Burden Percent	100.00%	100.00%	93.83%	94.64%	92.35%	97.40%	98.52%	99.50%	89.31%	94.74%
Interest Burden Percent	114.85%	127.54%	114.45%	87.88%	99.73%	108.83%	106.77%	100.95%	117.14%	101.32%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-93.60%	-722.03%	-33.36%	-8.20%	-3.01%	-8.91%	-23.68%	-3.51%	-63.83%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-125.47%	-1,061.05%	7.72%	-34.34%	-123.07%	-10.93%	-320.79%	-101.86%	-1,645.10%
Return on Net Nonoperating Assets (RNNOA)	0.00%	415.49%	3,513.58%	8.05%	-4.72%	-8.70%	-0.83%	-13.46%	-3.06%	-24.61%
Return on Equity (ROE)	0.00%	321.89%	2,791.55%	-25.30%	-12.93%	-11.71%	-9.75%	-37.14%	-6.57%	-88.44%
Cash Return on Invested Capital (CROIC)	0.00%	-293.60%	-522.03%	-233.36%	-76.79%	-125.45%	-2.20%	5.15%	-4.84%	16.73%
Operating Return on Assets (OROA)	0.00%	-11.35%	-233.80%	-9.68%	-8.31%	-8.17%	-7.19%	-29.45%	-4.99%	-72.19%
Return on Assets (ROA)	0.00%	-14.48%	-251.07%	-8.05%	-7.66%	-8.66%	-7.57%	-29.58%	-5.22%	-69.29%
Return on Common Equity (ROCE)	0.00%	321.89%	2,791.55%	-25.30%	-12.70%	-11.64%	-9.70%	-36.87%	-6.55%	-88.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	-7.54%	-9.87%	-43.52%	-6.46%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.93	-5.25	-40	-97	-73	-93	-427	-959	-122	-1,598
NOPAT Margin	-39.02%	-25.56%	-93.87%	-54.24%	-17.96%	-18.03%	-68.00%	-152.89%	-15.50%	-194.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	31.87%	339.02%	-41.08%	26.13%	120.06%	2.02%	297.10%	98.35%	1,581.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-38.77%	0.00%	-13.59%	-4.63%	-	-	-	-	-90.72%
Cost of Revenue to Revenue	78.88%	44.61%	66.90%	75.73%	76.30%	75.99%	81.41%	76.57%	71.69%	70.71%
SG&A Expenses to Revenue	38.67%	40.90%	112.63%	44.39%	27.82%	26.93%	31.47%	31.89%	25.93%	27.20%
R&D to Revenue	8.98%	15.44%	13.60%	0.59%	0.47%	0.16%	0.24%	0.11%	0.08%	0.03%
Operating Expenses to Revenue	76.87%	91.90%	167.20%	101.75%	49.36%	49.77%	115.73%	241.84%	50.46%	307.23%
Earnings before Interest and Taxes (EBIT)	-6.86	-6.12	-63	-43	-109	-317	-413	-1,437	-213	-2,272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.91	-4.27	-57	-26	-74	-249	-258	-1,306	-86	-2,139
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	12.96	0.99	1.67	1.17	0.31	0.40	0.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	2.29	366.33	10.69	3.10	2.69	0.58
Price to Revenue (P/Rev)	12.10	7.45	152.37	20.61	3.03	14.54	8.16	1.65	1.77	0.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	15.08	0.00	6.85	0.98	1.61	1.16	0.34	0.42	0.28
Enterprise Value to Revenue (EV/Rev)	0.00	8.23	152.37	22.27	2.90	15.50	8.53	1.88	1.85	0.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	149.43	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.67	0.00	0.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-3.79	0.00	1.51	0.23	0.22	0.14	0.18	0.10	0.18
Long-Term Debt to Equity	0.00	-1.77	0.00	1.51	0.23	0.20	0.12	0.11	0.08	0.16
Financial Leverage	0.00	-3.31	-3.31	1.04	0.14	0.07	0.08	0.04	0.03	0.02
Leverage Ratio	0.00	-11.12	-11.12	3.14	1.69	1.35	1.29	1.26	1.26	1.28
Compound Leverage Factor	0.00	-14.18	-12.72	2.76	1.68	1.47	1.38	1.27	1.48	1.29
Debt to Total Capital	0.00%	135.84%	0.00%	60.13%	18.89%	18.22%	12.28%	15.18%	8.91%	15.43%
Short-Term Debt to Total Capital	0.00%	72.47%	0.00%	0.00%	0.42%	1.94%	2.01%	6.06%	1.29%	2.10%
Long-Term Debt to Total Capital	0.00%	63.37%	0.00%	60.13%	18.48%	16.28%	10.27%	9.12%	7.62%	13.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	1.71%	0.11%	0.84%	0.36%	0.01%	-1.24%
Common Equity to Total Capital	0.00%	-35.84%	0.00%	39.87%	79.39%	81.66%	86.88%	84.46%	91.08%	85.81%
Debt to EBITDA	0.00	-4.31	0.00	-16.43	-4.02	-3.99	-2.41	-0.46	-3.93	-0.13
Net Debt to EBITDA	0.00	-3.76	0.00	-11.37	1.13	-1.96	-0.74	-0.10	-0.80	0.00
Long-Term Debt to EBITDA	0.00	-2.01	0.00	-16.43	-3.93	-3.57	-2.01	-0.27	-3.36	-0.11
Debt to NOPAT	0.00	-3.50	0.00	-4.42	-4.08	-10.76	-1.46	-0.62	-2.75	-0.17
Net Debt to NOPAT	0.00	-3.06	0.00	-3.06	1.14	-5.28	-0.45	-0.14	-0.56	0.00
Long-Term Debt to NOPAT	0.00	-1.63	0.00	-4.42	-3.99	-9.61	-1.22	-0.37	-2.35	-0.15
Altman Z-Score	0.00	-0.32	0.00	3.22	1.85	2.76	2.78	-1.01	0.32	-5.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	1.73%	0.58%	0.55%	0.73%	0.21%	-0.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.25	0.00	2.80	4.85	2.20	2.87	1.79	2.27	2.46
Quick Ratio	0.00	0.09	0.00	1.44	3.41	1.44	1.82	1.24	1.21	1.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-16	-29	-680	-681	-3,855	-105	208	-169	419
Operating Cash Flow to CapEx	-679.92%	-55.14%	-93.46%	-27.00%	-103.34%	-138.59%	-810.93%	47.93%	-149.01%	-362.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.38	1.60	0.40	0.31	0.13	0.11	0.13	0.19	0.26
Accounts Receivable Turnover	0.00	9.72	0.00	0.00	10.94	8.19	6.88	6.91	8.40	7.36
Inventory Turnover	0.00	1.23	0.00	0.00	2.72	1.97	2.04	2.15	2.50	2.22
Fixed Asset Turnover	0.00	0.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.24	0.00	0.00	4.08	2.40	2.76	2.76	2.61	2.43
Days Sales Outstanding (DSO)	0.00	37.57	0.00	0.00	33.38	44.55	53.03	52.82	43.47	49.59
Days Inventory Outstanding (DIO)	0.00	295.67	0.00	0.00	134.33	185.45	179.08	169.55	146.05	164.35
Days Payable Outstanding (DPO)	0.00	1,529.53	0.00	0.00	89.42	152.23	132.09	132.31	139.60	149.99
Cash Conversion Cycle (CCC)	0.00	-1,196.28	0.00	0.00	78.29	77.77	100.02	90.06	49.92	63.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	11	0.00	583	1,192	4,954	4,632	3,465	3,512	1,495
Invested Capital Turnover	0.00	3.66	7.69	0.62	0.46	0.17	0.13	0.15	0.23	0.33
Increase / (Decrease) in Invested Capital	0.00	11	-11	583	609	3,763	-322	-1,167	47	-2,017
Enterprise Value (EV)	0.00	169	6,572	3,994	1,174	7,953	5,360	1,181	1,462	412
Market Capitalization	153	153	6,572	3,696	1,230	7,458	5,126	1,032	1,393	428
Book Value per Share	$0.00	($0.06)	$0.00	$2.93	$9.99	$9.97	$8.84	$5.37	$4.45	$1.50
Tangible Book Value per Share	$0.00	($0.08)	$0.00	($1.10)	$4.30	$0.05	$0.96	$0.54	$0.67	$0.73
Total Capital	0.00	14	0.00	715	1,572	5,460	5,063	3,926	3,780	1,761
Total Debt	0.00	18	0.00	430	297	995	622	596	337	272
Total Long-Term Debt	0.00	8.58	0.00	430	290	889	520	358	288	235
Net Debt	0.00	16	0.00	298	-83	489	191	135	68	5.37
Capital Expenditures (CapEx)	0.49	11	49	156	97	32	22	16	21	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-30	0.00	70	108	100	209	130	167	189
Debt-free Net Working Capital (DFNWC)	0.00	-28	0.00	167	468	588	625	578	427	445
Net Working Capital (NWC)	0.00	-38	0.00	167	462	482	523	340	379	408
Net Nonoperating Expense (NNE)	2.95	2.56	27	-61	28	243	6.85	484	100	583
Net Nonoperating Obligations (NNO)	0.00	16	0.00	298	-83	489	191	135	68	5.37
Total Depreciation and Amortization (D&A)	1.95	1.85	5.74	17	36	68	155	130	127	133
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-147.68%	0.00%	38.93%	26.55%	19.47%	33.29%	20.66%	21.15%	23.00%
Debt-free Net Working Capital to Revenue	0.00%	-136.37%	0.00%	92.92%	115.53%	114.67%	99.48%	92.18%	54.18%	54.21%
Net Working Capital to Revenue	0.00%	-184.14%	0.00%	92.92%	113.92%	94.01%	83.26%	54.22%	47.98%	49.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	($0.10)	($0.82)	$0.00	($2.15)	($1.25)	($0.90)	($2.35)	($0.33)	($2.46)
Adjusted Weighted Average Basic Shares Outstanding	75M	75M	96.79M	0.00	171.76M	269.55M	481.22M	617.98M	742.65M	890.33M
Adjusted Diluted Earnings per Share	($0.11)	($0.10)	($0.82)	$0.00	($2.15)	($1.25)	($0.90)	($2.35)	($0.33)	($2.46)
Adjusted Weighted Average Diluted Shares Outstanding	75M	75M	96.79M	0.00	171.76M	269.55M	481.22M	617.98M	742.65M	890.33M
Adjusted Basic & Diluted Earnings per Share	($0.11)	($0.10)	($0.82)	$0.00	($2.15)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75M	75M	83.01M	0.00	126.04M	449.22M	536.39M	703.26M	842.96M	1.10B
Normalized Net Operating Profit after Tax (NOPAT)	-4.87	-5.15	-40	-57	-36	-90	-182	-298	-117	-94
Normalized NOPAT Margin	-38.50%	-25.08%	-93.47%	-31.88%	-8.89%	-17.59%	-28.91%	-47.56%	-14.79%	-11.50%
Pre Tax Income Margin	-62.35%	-38.02%	-167.34%	-21.27%	-26.94%	-67.24%	-70.13%	-231.24%	-31.56%	-280.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-7.11%	-1.72%	0.00%	0.00%	-0.07%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-7.11%	-1.72%	0.00%	0.00%	-0.07%

This table displays calculated financial ratios and metrics derived from Tilray Brands' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
DEI Shares Outstanding	-	1,460,579,146.00	742,725,148.00	774,028,558.00	-	-	-	1,006,495,926.00	1,100,530,099.00	1,122,863,166.00	116,506,916.00
DEI Adjusted Shares Outstanding	-	146,057,915.00	74,272,515.00	77,402,856.00	-	-	-	100,649,593.00	110,053,010.00	112,286,317.00	116,506,916.00
DEI Earnings Per Adjusted Shares Outstanding	-	-0.34	-1.25	-0.41	-	-	-	-12.65	0.00	-0.40	-0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.49%	0.00%	0.00%	150.41%	13.05%	0.00%	0.00%	-2.33%	4.73%	3.11%	11.28%
EBITDA Growth	60.33%	25.90%	0.00%	99.85%	198.93%	0.00%	0.00%	-74,431.96%	172.31%	55.02%	99.79%
EBIT Growth	28.44%	0.00%	0.00%	97.30%	38.28%	0.00%	0.00%	-4,040.55%	124.76%	54.17%	97.67%
NOPAT Growth	-62.25%	0.00%	0.00%	98.65%	-6.43%	0.00%	0.00%	-8,637.66%	105.72%	47.23%	96.53%
Net Income Growth	15.09%	0.00%	0.00%	98.75%	37.97%	0.00%	0.00%	-8,146.47%	104.37%	48.98%	96.82%
EPS Growth	23.08%	0.00%	0.00%	98.03%	60.00%	0.00%	0.00%	-3,525.00%	100.00%	48.98%	97.24%
Operating Cash Flow Growth	65.76%	-169,038.89%	0.00%	-55.83%	-122.87%	0.00%	0.00%	-141.71%	96.20%	79.04%	-280.87%
Free Cash Flow Firm Growth	-174.60%	980.24%	-98.09%	-118.76%	97.85%	0.00%	0.00%	1,830.18%	2,805.54%	5,223.71%	-151.04%
Invested Capital Growth	0.00%	-23.08%	-2.31%	1.34%	1.43%	0.00%	0.00%	-57.43%	-57.58%	-57.54%	0.00%
Revenue Q/Q Growth	92.75%	9.51%	-2.80%	22.06%	0.00%	5.45%	-11.93%	20.86%	-6.70%	3.82%	-4.95%
EBITDA Q/Q Growth	99.34%	-17.69%	-608.45%	97.27%	0.00%	-625.01%	-1,711.57%	-80.57%	101.59%	-186.72%	91.66%
EBIT Q/Q Growth	96.88%	-5.61%	-142.65%	66.23%	0.00%	-215.47%	-938.72%	-77.19%	100.43%	-683.88%	47.11%
NOPAT Q/Q Growth	97.19%	-21.53%	-96.60%	79.87%	0.00%	-15.44%	-1,700.02%	-90.02%	100.14%	-1,164.96%	-18.43%
Net Income Q/Q Growth	95.44%	17.33%	-127.32%	85.35%	0.00%	-146.09%	-830.56%	-59.78%	100.12%	-2,975.68%	42.01%
EPS Q/Q Growth	95.07%	30.00%	-71.43%	66.67%	0.00%	-150.00%	-770.00%	-66.67%	100.00%	-2,975.68%	41.46%
Operating Cash Flow Q/Q Growth	-122.79%	-91.95%	49.49%	299.90%	0.00%	-15.34%	85.85%	-122.31%	89.53%	-536.61%	-157.02%
Free Cash Flow Firm Q/Q Growth	-1,231.50%	-13.52%	-97.56%	-328.04%	0.00%	100.00%	0.00%	-66.25%	102.37%	-1.42%	-175.81%
Invested Capital Q/Q Growth	0.52%	2.82%	-1.93%	-0.01%	0.00%	-0.52%	-100.00%	0.00%	0.24%	-0.44%	0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.98%	24.47%	26.23%	35.82%	29.85%	29.02%	28.00%	30.12%	27.43%	26.43%	26.58%
EBITDA Margin	-4.51%	-4.84%	-35.31%	-0.79%	3.94%	-19.64%	-403.92%	-603.47%	10.26%	-8.57%	-0.75%
Operating Margin	-19.42%	-21.55%	-43.59%	-7.19%	-18.28%	-20.01%	-409.05%	-643.10%	1.00%	-10.24%	-12.76%
EBIT Margin	-21.91%	-21.13%	-52.74%	-14.59%	-11.96%	-35.78%	-421.98%	-618.64%	2.83%	-15.90%	-8.85%
Profit (Net Income) Margin	-31.57%	-23.83%	-55.74%	-6.69%	-17.32%	-40.42%	-427.14%	-564.68%	0.72%	-20.00%	-12.21%
Tax Burden Percent	114.95%	93.18%	97.34%	35.75%	102.62%	102.45%	100.15%	91.02%	-195.98%	108.87%	108.49%
Interest Burden Percent	125.37%	121.07%	108.57%	128.19%	141.14%	110.29%	101.07%	100.29%	-13.03%	115.54%	127.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-5.08%	-2.38%	-5.59%	-1.14%	-2.96%	0.00%	0.00%	-147.70%	0.23%	-2.40%	-10.21%
ROIC Less NNEP Spread (ROIC-NNEP)	-83.20%	-11.77%	-32.18%	-4.88%	-16.82%	0.00%	0.00%	-844.49%	0.59%	-927.31%	48.82%
Return on Net Nonoperating Assets (RNNOA)	-1.99%	-0.54%	-1.70%	-0.15%	-0.32%	0.00%	0.00%	-12.63%	0.00%	-1.12%	-0.73%
Return on Equity (ROE)	-7.07%	-2.92%	-7.29%	-1.28%	-3.28%	0.00%	0.00%	-160.33%	0.23%	-3.52%	-10.94%
Cash Return on Invested Capital (CROIC)	-255.58%	2.59%	-24.91%	-4.84%	-4.95%	0.00%	0.00%	16.73%	18.41%	18.59%	-338.87%
Operating Return on Assets (OROA)	-3.24%	-2.80%	-7.99%	-2.70%	-2.24%	0.00%	0.00%	-161.40%	0.74%	-4.23%	-3.66%
Return on Assets (ROA)	-4.67%	-3.16%	-8.45%	-1.24%	-3.25%	0.00%	0.00%	-147.32%	0.19%	-5.33%	-5.05%
Return on Common Equity (ROCE)	-7.03%	-2.91%	-7.31%	-1.28%	-3.27%	0.00%	0.00%	-161.04%	0.23%	-3.55%	-11.17%
Return on Equity Simple (ROE_SIMPLE)	-42.41%	0.00%	0.00%	0.00%	-5.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-24	-29	-57	-12	-26	-30	-532	-1,011	1.46	-16	-18
NOPAT Margin	-13.59%	-15.09%	-30.51%	-5.03%	-12.80%	-14.01%	-286.33%	-450.17%	0.70%	-7.17%	-8.93%
Net Nonoperating Expense Percent (NNEP)	78.12%	9.39%	26.59%	3.74%	13.86%	92.06%	0.00%	696.79%	-0.36%	924.91%	-59.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.76%	-1.53%	-0.31%	-	-0.78%	-	-57.38%	0.08%	-0.87%	-1.04%
Cost of Revenue to Revenue	75.02%	75.53%	73.77%	64.18%	70.15%	70.98%	72.00%	69.88%	72.57%	73.57%	73.42%
SG&A Expenses to Revenue	26.77%	26.27%	26.51%	24.53%	27.90%	29.47%	28.61%	23.27%	25.76%	28.94%	29.43%
R&D to Revenue	0.04%	0.03%	0.06%	0.17%	0.05%	0.03%	0.05%	0.02%	0.02%	0.04%	0.03%
Operating Expenses to Revenue	44.40%	46.02%	69.82%	43.01%	48.13%	49.03%	437.04%	673.22%	26.43%	36.68%	39.35%
Earnings before Interest and Taxes (EBIT)	-39	-41	-99	-34	-24	-75	-784	-1,389	5.92	-35	-18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.98	-9.39	-66	-1.82	7.89	-41	-750	-1,355	21	-19	-1.55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.62	0.39	0.38	0.40	0.41	0.28	0.00	0.28	0.99	0.58	0.59
Price to Tangible Book Value (P/TBV)	5.18	3.26	3.07	2.69	2.58	1.62	0.00	0.58	1.99	1.13	1.17
Price to Revenue (P/Rev)	3.20	2.03	1.97	1.77	1.78	0.00	0.00	0.52	1.83	1.09	1.07
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.63	0.43	0.41	0.42	0.42	0.29	0.00	0.28	0.99	0.55	0.57
Enterprise Value to Revenue (EV/Rev)	3.36	2.36	2.21	1.85	1.84	0.00	0.00	0.50	1.78	0.99	1.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	57.01	194.14	181.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.37	0.00	0.00	0.00	0.00	0.00	0.98	3.19	1.77	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.14	0.12	0.10	0.10	0.09	0.00	0.18	0.17	0.16	0.16
Long-Term Debt to Equity	0.08	0.09	0.09	0.08	0.08	0.08	0.00	0.16	0.15	0.15	0.15
Financial Leverage	0.02	0.05	0.05	0.03	0.02	0.02	0.00	0.02	0.01	0.00	-0.02
Leverage Ratio	1.29	1.24	1.27	1.26	1.26	1.21	0.00	1.28	1.27	1.26	1.36
Compound Leverage Factor	1.62	1.51	1.38	1.61	1.78	1.34	0.00	1.28	-0.17	1.45	1.73
Debt to Total Capital	14.14%	11.98%	10.76%	8.91%	8.82%	8.48%	0.00%	15.43%	14.26%	13.94%	14.06%
Short-Term Debt to Total Capital	7.24%	4.39%	2.96%	1.29%	1.29%	1.29%	0.00%	2.10%	1.38%	1.42%	1.48%
Long-Term Debt to Total Capital	6.90%	7.59%	7.80%	7.62%	7.54%	7.20%	0.00%	13.34%	12.88%	12.52%	12.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.56%	0.65%	-0.42%	0.01%	0.14%	-0.51%	0.00%	-1.24%	-1.13%	-1.85%	-1.79%
Common Equity to Total Capital	85.30%	87.37%	89.67%	91.08%	91.04%	92.03%	0.00%	85.81%	86.87%	87.92%	87.73%
Debt to EBITDA	-0.43	-0.36	-0.31	-3.93	-4.83	0.00	0.00	-0.13	-0.12	-0.12	-0.18
Net Debt to EBITDA	-0.06	-0.15	-0.13	-0.80	-0.71	0.00	0.00	0.00	0.01	0.03	0.02
Long-Term Debt to EBITDA	-0.21	-0.23	-0.23	-3.36	-4.12	0.00	0.00	-0.11	-0.11	-0.11	-0.16
Debt to NOPAT	-0.58	-0.48	-0.42	-2.75	-2.72	0.00	0.00	-0.17	-0.16	-0.16	-0.24
Net Debt to NOPAT	-0.08	-0.19	-0.17	-0.56	-0.40	0.00	0.00	0.00	0.01	0.04	0.02
Long-Term Debt to NOPAT	-0.28	-0.30	-0.30	-2.35	-2.32	0.00	0.00	-0.15	-0.15	-0.14	-0.21
Altman Z-Score	0.66	0.21	0.18	0.46	0.52	0.00	0.00	-4.41	-0.98	-1.66	-1.67
Noncontrolling Interest Sharing Ratio	0.65%	0.48%	-0.19%	0.21%	0.40%	0.00%	0.00%	-0.44%	-0.30%	-1.05%	-2.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.54	1.63	1.92	2.27	2.47	2.54	0.00	2.46	2.62	2.81	2.79
Quick Ratio	1.02	0.89	0.96	1.21	1.31	1.31	0.00	1.35	1.39	1.54	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,507	1,046	25	-58	-75	0.00	0.00	1,006	2,036	2,007	-1,521
Operating Cash Flow to CapEx	-415.80%	-521.06%	-176.02%	1,297.30%	-526.34%	-842.62%	-40.54%	-3,766.76%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.13	0.15	0.19	0.19	0.00	0.00	0.26	0.26	0.27	0.41
Accounts Receivable Turnover	7.93	7.22	7.75	8.40	8.73	0.00	0.00	7.36	7.87	7.55	7.25
Inventory Turnover	2.19	2.06	2.27	2.50	2.31	0.00	0.00	2.22	2.17	2.19	2.12
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	2.14	2.68	2.72	2.61	2.42	0.00	0.00	2.43	2.54	2.69	2.77
Days Sales Outstanding (DSO)	46.03	50.56	47.07	43.47	41.83	0.00	0.00	49.59	46.38	48.34	50.34
Days Inventory Outstanding (DIO)	166.64	177.23	160.46	146.05	158.04	0.00	0.00	164.35	168.53	166.30	171.88
Days Payable Outstanding (DPO)	170.95	136.36	133.98	139.60	150.99	0.00	0.00	149.99	143.88	135.68	131.72
Cash Conversion Cycle (CCC)	41.72	91.43	73.55	49.92	48.88	0.00	0.00	63.95	71.03	78.96	90.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,483	3,581	3,512	3,512	3,533	3,514	0.00	1,495	1,499	1,492	1,503
Invested Capital Turnover	0.37	0.16	0.18	0.23	0.23	0.00	0.00	0.33	0.33	0.33	1.14
Increase / (Decrease) in Invested Capital	3,483	-1,075	-83	47	50	0.00	0.00	-2,017	-2,034	-2,022	1,503
Enterprise Value (EV)	2,185	1,535	1,438	1,462	1,496	1,020	0.00	412	1,477	825	862
Market Capitalization	2,082	1,322	1,285	1,393	1,441	979	689	428	1,519	913	917
Book Value per Share	$4.81	$4.61	$4.52	$4.45	$4.13	$4.76	$0.00	$1.50	$1.40	$1.41	$13.37
Tangible Book Value per Share	$0.57	$0.55	$0.56	$0.67	$0.66	$0.83	$0.00	$0.73	$0.69	$0.72	$6.71
Total Capital	3,962	3,855	3,746	3,780	3,821	3,774	0.00	1,761	1,774	1,797	1,775
Total Debt	560	462	403	337	337	320	0.00	272	253	250	250
Total Long-Term Debt	273	293	292	288	288	272	0.00	235	228	225	223
Net Debt	81	188	169	68	49	61	0.00	5.37	-22	-54	-23
Capital Expenditures (CapEx)	3.81	5.84	8.73	2.37	6.71	4.83	14	0.34	-0.29	-0.13	-1.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	112	155	187	167	201	225	0.00	189	193	204	223
Debt-free Net Working Capital (DFNWC)	579	416	413	427	482	477	0.00	445	458	495	488
Net Working Capital (NWC)	292	247	302	379	432	429	0.00	408	434	470	461
Net Nonoperating Expense (NNE)	32	17	48	3.81	9.05	56	262	257	-0.05	28	6.76
Net Nonoperating Obligations (NNO)	81	188	169	68	49	61	0.00	5.37	-22	-54	-23
Total Depreciation and Amortization (D&A)	31	32	33	32	32	34	34	34	16	16	17
Debt-free, Cash-free Net Working Capital to Revenue	17.26%	23.81%	28.73%	21.15%	24.81%	0.00%	0.00%	23.00%	23.25%	24.35%	25.95%
Debt-free Net Working Capital to Revenue	88.93%	63.96%	63.43%	54.18%	59.30%	0.00%	0.00%	54.21%	55.13%	59.17%	56.80%
Net Working Capital to Revenue	44.86%	37.96%	46.42%	47.98%	53.24%	0.00%	0.00%	49.72%	52.18%	56.13%	53.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.07)	($0.12)	($0.04)	($0.04)	($0.10)	($0.87)	($1.45)	$0.00	($0.41)	($0.24)
Adjusted Weighted Average Basic Shares Outstanding	691.19M	730.77M	754.44M	742.65M	875.44M	864.97M	908.34M	890.33M	1.06B	110.34M	112.68M
Adjusted Diluted Earnings per Share	($0.10)	($0.07)	($0.12)	($0.04)	($0.04)	($0.10)	($0.87)	($1.45)	$0.00	($0.41)	($0.24)
Adjusted Weighted Average Diluted Shares Outstanding	691.19M	730.77M	754.44M	742.65M	875.44M	864.97M	908.34M	890.33M	1.06B	110.34M	112.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	730.29M	742.73M	774.03M	842.96M	903.29M	937.66M	1.01B	1.10B	1.12B	116.51M	116.55M
Normalized Net Operating Profit after Tax (NOPAT)	-30	-25	-56	-6.22	-22	-24	-36	-990	-7.72	-14	-15
Normalized NOPAT Margin	-16.82%	-12.92%	-29.56%	-2.70%	-10.75%	-11.43%	-19.52%	-441.09%	-3.69%	-6.58%	-7.34%
Pre Tax Income Margin	-27.47%	-25.58%	-57.27%	-18.71%	-16.88%	-39.46%	-426.49%	-620.41%	-0.37%	-18.37%	-11.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.07%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.07%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here's a concise take on Tilray Brands (TLRY) based on quarterly statements from the last four years. The bullets below highlight notable trends in revenue, profitability, cash flow, liquidity, and leverage.

Quarterly revenue has remained in the roughly $200M+ range in the recent years, with notable peaks around $224M in both Q4 2024 and Q4 2025, signaling ongoing scale in the business.
Gross margins have trended into the mid-20s to around 30% in late 2024–2025 and remained solid in 2026 (example: Q3 2026 gross margin about 26.6%), indicating meaningful profitability potential before operating expenses.
The company maintains a cash balance around $205M as of Q3 2026, providing liquidity runway to fund operations amid ongoing negative cash flow.
In Q3 2026, net cash from investing activities turned positive (+$28.9M) and the quarter’s net change in cash was a modest positive (+$2.8M), suggesting improved cash-flow dynamics on the investing side.
Debt levels are moderate, with long-term debt clustered around $223–229M and total liabilities near $550M, implying leverage exposure but generally manageable debt relative to assets.
Balance sheets show substantial goodwill and intangible assets (e.g., goodwill around $752M+ and significant intangibles), which could pose impairment risk if performance deteriorates.
Net income remains negative across recent quarters (e.g., about -$25.2M in Q3 2026; larger losses in prior periods), underscoring ongoing profitability challenges.
Operating cash flow has been consistently negative in recent quarters (Q1–Q3 2026), indicating ongoing cash burn before financing/investing effects.
A large impairment charge occurred in 2025 Q3 (approximately $699.2M), a one-off item that substantially reduced earnings and highlighted potential restructuring risk.
Retained earnings are deeply negative (cumulative losses in the billions), contributing to a strained equity position even though headline total equity appears positive due to other components.

05/14/26 01:02 PM ETAI Generated. May Contain Errors.

Tilray Brands Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tilray Brands' fiscal year ends in May. Their fiscal year 2025 ended on May 31, 2025.

Tilray Brands' net income appears to be on an upward trend, with a most recent value of -$2.18 billion in 2025, rising from -$7.88 million in 2016. The previous period was -$222.40 million in 2024. Find out what analysts predict for Tilray Brands in the coming months.

Tilray Brands' total operating income in 2025 was -$2.28 billion, based on the following breakdown:

Total Gross Profit: $240.57 million
Total Operating Expenses: $2.52 billion

Over the last 9 years, Tilray Brands' total revenue changed from $12.64 million in 2016 to $821.31 million in 2025, a change of 6,395.6%.

Tilray Brands' total liabilities were at $584.75 million at the end of 2025, a 24.9% decrease from 2024, and a 894.5% increase since 2017.

In the past 7 years, Tilray Brands' cash and equivalents has ranged from $2.32 million in 2017 to $488.47 million in 2021, and is currently $221.67 million as of their latest financial filing in 2025.

Over the last 9 years, Tilray Brands' book value per share changed from 0.00 in 2016 to 1.50 in 2025, a change of 150.2%.

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Financial statements for NASDAQ:TLRY last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tilray Brands (TLRY) Financials

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Tilray Brands (TLRY) Financials

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